Lower Open After Italy's Downgrade

The markets opened lower with the Dow losing 15 points to 14,381 after Fitch Ratings downgraded Italy's credit rating last week. Nasdaq fell 5 points to 3238.

On the upside

Barron's wrote that Genworth (NYSE: GNW) stock had the potential to double.

Standard & Poor's Ratings Services upgraded MGIC Investment (NYSE: MTG) from a rating of CCC+ to a rating of B- while Moody's placed the mortgage insurer's rating on review for a possible upgrade.

Shares of social games developer Zynga (Nasdaq: ZNGA) rose after Facebook (Nasdaq: FB) announced changes to its news feed last week.

On the downside

Dick's Sporting Goods (NYSE: DKS) reported higher fourth quarter earnings but the results fell short of analyst expectations and the sporting goods retailer forecast full year earnings below estimates.

Motley Fool noted that Michael Kors (NYSE: KORS) founder Michael Kors and chief executive John Idol have recently sold significant amount of shares in the company.

Suntech Power (NYSE: STP) announced a forbearance agreement with convertible notes holders to delay payments for two months.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 index slipped 2 points to 1548.

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