Disappointing earnings from retailers weighed the markets down to a lower open with the Dow losing 67 points to 16,444. Nasdaq fell 20 points to 4,104.
On the upside
Cobham will pay a premium of approximately $1.46 billion to acquire Aeroflex Holding (NYSE: ARX).
NewLead Holdings (Nasdaq: NEWL) continued rising after taking delivery of the eco-type Handysize vessel Newlead Albion yesterday.
E-House China Holdings (NYSE: EJ) reversed year ago losses to post a greater than expected profit for the first quarter and lifted its full year revenue outlook.
On the downside
Staples (Nasdaq: SPLS) disappointed with lower first quarter earnings that missed analyst expectations as revenue fell and the office supplies retailer forecast second quarter earnings below estimates.
Dick's Sporting Goods (NYSE: DKS) reported higher first quarter earnings but the results fell short of expectations and the company forecast current quarter and full year earnings below estimates.
First quarter earnings fell for Urban Outfitters (Nasdaq: URBN) to miss analyst expectations even as revenue rose.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 lost 5 points to 1879. Bitcoin rose $14.90 or 3.26% to $456.94.
