The markets opened lower with the Dow losing 20 points to 16,178 as Federal Reserve chair Janet Yellen testified before Congress. Nasdaq slipped 3 points to 4288.
On the upside
J.C. Penney (NYSE: JCP) swung to a small profit for the fourth quarter from massive losses a year earlier and forecast higher margins in 2014.
Pacific Ethanol (Nasdaq: PEIX) swung to a fourth quarter profit and announced plans to restart production at its Madera, CA facility.
E-Commerce China Dangdang (NYSE: DANG) reversed year ago losses to post a greater than expected profit for the fourth quarter and forecast current quarter revenue ahead of estimates.
On the downside
Swift Energy (NYSE: SFY) fell to a loss for the fourth quarter as revenue fell to miss analyst expectations.
Catamaran (Nasdaq: CTRX) reported higher fourth quarter earnings and revenue but investors were disappointed with the company's guidance.
Chico's FAS (NYSE: CHS) disappointed with a loss for the fourth quarter.
In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while decliners outpaced advancers by nearly 5 to 4 on Nasdaq. The broader S&P 500 slipped 2 points to 1843. Bitcoin eased $5.56 or 0.95% to $577.24.
