Swelling Budget Deficit In Greece Weighs Down Markets

News that Greece's budget deficit swelled to a much greater than expected 13.6% of the country's gross domestic product weighed down the markets to a lower open with the Dow falling 78 points to 11,046. Nasdaq dropped 24 points to 2480.

On the upside

Delcath Systems (Nasdaq: DCTH) reported upbeat results from a Phase III clinical trial of the company's Percutaneous Hepatic Perfusion system to treat liver cancer .

Netflix (Nasdaq: NFLX) impressed with higher first quarter earnings that beat expectations prompting an analyst upgrade.

The Department of Health and Human Services notified Novavax (Nasdaq: NVAX) that the biopharmaceutical was in the competitive range for a contract to develop a new flu vaccine.

On the downside

First quarter earnings for eBay (Nasdaq: EBAY) rose but the company forecast current quarter results below estimates.

Qualcomm (Nasdaq: QCOM) reversed year ago losses to post a second quarter profit but the company sees third quarter earnings below analyst expectations.

While first quarter earnings for Nokia (NYSE: NOK) rose, the results fell short of expectations and the company delayed release of its Symbian 3 smartphone operating system.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 717.