The markets opened lower with the Dow falling 44 points to 19,107 as investors locked in profits from last week's rally. Nasdaq lost 9 points 5,389.
On the upside
The Food and Drug Administration granted orphan drug designation to PhaseRx (Nasdaq: PZRX) for its ornithine transcarbamylase deficiency treatment PRX-OTC.
Recro Pharma (Nasdaq: REPH) reported positive results from a Phase III clinical trial of its intravenous acute postoperative pain treatment meloxicam.
Time (NYSE: TIME) rejected a $1.78 billion acquisition offer from billionaire investor Edgar Bronfman Jr.
On the downside
Trina Solar (NYSE: TSL) reported lower third quarter revenue that fell short of analyst expectations.
Fang Holdings (NYSE: SFUN) fell to a loss for the third quarter.
Shares of Eli Lilly (NYSE: LLY) extended its losses.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 lost 4 points to 2,208. Bitcoin rose $3 to $731.
