The markets opened lower with the Dow falling 63 points to 17,686 as investors locked in profits after three days of triple digit gains. Nasdaq lost 4 points to 5,066.
On the upside
The Copyright Royalty Board raised the royalty rate for non-subscriptions services such as Pandora Media (NYSE: P) by 15%, far below the 79% increase requested by copyright holders.
Navistar (NYSE: NAV) narrowed fourth quarter losses.
The Department of Veterans Affairs will provide coverage for ReWalk Robotics' (Nasdaq: RWLK) exoskeleton systems for all qualifying veterans.
On the downside
Pier 1 Imports (NYSE: PIR) cut its full year earnings outlook prompting a downgrade.
Teekay LNG Partners (NYSE: TGP) slashed its quarterly cash distribution from 70 cents per common unit in the third quarter to 14 cents per common unit for the fourth quarter.
Teekay (NYSE: TK) cut its quarterly cash dividend from 55 cents per share last quarter to 5.5 cents per share for the fourth quarter.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE while advancers edged out decliners by more than 9 to 7 on Nasdaq. The broader S&P 500 lost 7 points to 2,065. Bitcoin added $2 to $452.
