Stocks Open Lower as Tech Sector Retreats

Investors continued to cash in on recent gains as technology companies lowered their outlook.  The Dow lost 15 points to 10,317 while Nasdaq dropped a steeper 16 points to 2140.

On the upside

J.M. Smucker (NYSE: SJM) posted higher quarterly revenues and earnings that beat expectations as its Folgers coffee business reported improving margins.

Ann Taylor (NYSE: ANN) reported lower revenues and profits that topped estimates.  The women's apparel chain operator offered an outlook of continued modest sales declines.

Shares of E-Trade Financial (Nasdaq: ETFC) rose in heavy trading amid speculation of a possible takeover offer by rivals.

On the downside

Home builder D R Horton (NYSE: DHI) posted a smaller 4th quarter loss as overall revenues slumped amid an unstable housing market.

ADC Telecommunications (Nasdaq: ADCT) announced a modest quarterly loss, but investors were worried about weak 4th quarter demand from major telecom carriers.

Dell (Nasdaq: DELL) reported quarterly results that missed both revenue and earnings target.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 583.

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