Japanese Exports Drop, Market Open Lower
A drop in Japan's exports weighed the markets down to a lower open with the Dow losing 27 points to 13,176. Nasdaq eased a fraction to 3066.
On the upside
Health Care REIT (NYSE: HCN) will acquire Sunrise Senior Living (NYSE: SRZ) in a deal valued at approximately $1.9 billion including the assumption of debt.
Chico's FAS (NYSE: CHS) reported higher second quarter earnings that topped analyst estimates as revenue rose.
Verizon (NYSE: VZ) will sell a Nokia (NYSE: NOK) phone equipped with the Windows 8 operating system.
On the downside
Second quarter earnings fell for Dell (Nasdaq: DELL) as revenue slipped and cut its full year earnings forecast. Wet Seal (Nasdaq: WTSLA) fell to a loss for the second quarter, forecast a wider than expected loss for the current quarter and adopting a shareholder rights plan.
Second quarter earnings rose for Express (NYSE: EXPR) but the apparel retailer lowered its full year guidance.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 814.
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