Stocks Open Mix as Investors Await Bank Stress Tests

Investors eagerly awaited the results of the government's stress tests of banks. The Dow added 17 points to 8444 while Nasdaq dropped 10 points to 1753.

On the upside

CVS Caremark (NYSE: CVS) posted lower profits due to a slowdown in discretionary spending. However, overall revenues was boosted by the acquisition of Longs Drugs stores.

Kraft Foods (NYSE: KFT) reported higher profits and lower revenues due to a strong dollar weighing down international sales results.

Pegasystems (Nasdaq: PEGA) posted record revenues and profits that beat estimates. The company makes business process management software solutions.

On the downside

NetSuite (NYSE: N) posted a profit on higher revenues that narrowly missed estimates. An analyst downgraded the on-demand business management software company.

Hologic (Nasdaq: HOLX) announced a delay to request FDA approval which in turn delayed the launch of its mammography system.

PetroQuest Energy (NYSE: PQ) posted a sizable loss due to a decline in oil prices and may need to raise more money which would be dilutive to existing shareholders.

In the broad market, declining issues outpaced advancers by a margin of 4 to 3 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap dropped 4 points to 502.