Disappointing earnings weighed the markets down to a lower open with the Dow dropping 71 points to 14,747. Nasdaq eased a point to 3305.
On the upside
Deutsche Bank upgraded Best Buy (NYSE: BBY) from a Hold rating to a Buy rating.
Meritor (NYSE: MTOR) fell to a loss for the second quarter but the results were better than expected.
Hedge fund JANA Partners acquired a 9.1% stake in Oil States International (NYSE: OIS).
On the downside
Nuance Communications (Nasdaq: NUAN) fell to loss for the second quarter as expenses climbed.
Pitney Bowes (NYSE: PBI) disappointed with sharply lower first quarter earnings and revenue that fell short of analyst expectations prompting the company to lower its second quarter dividend.
A Food and Drug Administration advisory panel will review Aveo Pharmaceuticals’ (Nasdaq: AVEO) kidney cancer treatment tivozanib to determine if further study is needed.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 7 to 5 on Nasdaq. The broader S&P 500 index fell 5 points to 1588.
