Lower Open On Disappointing Earnings

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.

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