Manufacturing output drops, markets open lower

An unexpected drop in March manufacturing output weighed the markets down to a lower open with the Dow losing 18 points to 17,908. Nasdaq fell 11 points to 4,934.


On the upside


Great Basin (Nasdaq: GBSN) reported sharply higher preliminary first quarter revenue and strong customer acquisition growth.


BioBlast Pharma (Nasdaq: ORPN) will present final results from its HOPEMD Phase 2 study in patients with oculopharyngeal muscular dystrophy.


Infosys (NYSE: INFY) reported higher fourth quarter earnings and revenue.


On the downside


Ensco (NYSE: ESV) priced its upsized public offering of 57 million common shares at the discounted price of $9.25 per share.


Mitel Networks (Nasdaq: MITL) will pay approximately $1.96 billion in cash and stock to acquire Polycom (Nasdaq: PLCM).


Ixia (Nasdaq: XXIA) warned that first quarter revenue would fall short of previous guidance.


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 5 on both the NYSE and on Nasdaq. The broader S&P 500 lost 3 points to 2,079. Bitcoin added $4 to $426.

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