A drop in European industrial production weighed down the markets to a lower open with the Dow losing 18 points to 10,525. Nasdaq slipped 4 points to 2280.
On the upside
Best Buy (NYSE: BBY) reported sharply higher second quarter earnings that beat analyst expectations by a wide margin and lifted its full year guidance.
Corning (NYSE: GLW) trimmed its glass demand outlook for the third quarter but the company reassured investors that all of its other business units will either meet or exceed guidance estimates.
China Direct Industries (Nasdaq: CDII) will provide reinforcing steel bars to Beijing Tianrun Construction for approximately $70 million over the next twelve months.
On the downside
The Food and Drug Administration will hold a public meeting to review Arena Pharmaceuticals' (Nasdaq: ARNA) diet drug Iorcaserin on Thursday and to discuss safety concerns.
Level 3 Communications (Nasdaq: LVLT) will offer convertible senior notes to raise approximately $175 million.
Cliffs Natural Resources (NYSE: CLF) lowered its coal production and revenue guidance.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 648.
