Home prices in the nation's largest cities continued to drop in November to weigh the markets down to a lower open with the Dow falling 39 points to 11,941. Nasdaq lost 10 points to 2707.
On the upside
The Food and Drug Administration granted orphan drug status to BioSante Pharmaceuticals' (Nasdaq: BPAX) skin cancer vaccine.
Corning (NYSE: GLW) reported sharply higher fourth quarter earnings due to strong sales of its specialty materials unit which includes the exceptionally strong, damage resistant Gorilla glass.
Fourth quarter earnings for Baker Hughes (NYSE: BHI) tripled to surpass analyst estimates by a wide margin.
On the downside
Tellabs (Nasdaq: TLABS) disappointed by swinging to a loss for the fourth quarter as expenses climbed and the telecommunications equipment maker forecast first quarter revenue that fell short of analyst expectations.
