The nation's trade deficit climbed as oil prices surged. The markets opened lower with the Dow losing 15 points 12,745 while Nasdaq slipped 4 points to 2867.
On the upside
First quarter earnings surged for Macy's (NYSE: M) to surpass analyst expectations by a wide margin prompting the department store operator to lift its full year guidance.
Rovi (Nasdaq: ROVI) reported sharply lower first quarter earnings but the results beat expectations prompting an upgrade.
American International Group (NYSE: AIG) and the Treasury Department will sell 300 million shares of the global insurance company's stock to the public.
On the downside
IntraLinks Holdings (NYSE: IL) reversed year ago losses but revenue fell short of expectations and the company forecast second quarter results below estimates.
Disney (NYSE: DIS) blamed the March earthquake and tsunami in Japan and the disappointing performance of "Mars Needs Moms" for lower second quarter earnings that missed expectations.
Starwood Property Trust (NYSE: STWD) priced its public offering of 22 million common shares.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 both on the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 18 points to 837.
