Wholesale Prices Steady, Markets Open Lower

The markets opened lower with the Dow losing 47 point to 15,403 as wholesale prices held steady in July. Nasdaq slipped 2 points to 3682.

On the upside

MannKind (Nasdaq: MNKD) reported upbeat preliminary results from two late stage clinical trials of its inhaled insulin product Afrezza.

Brocade (Nasdaq: BRCD) reported sharply higher third quarter earnings that more than doubled.

Shares of Envision Healthcare (NYSE: EVHC) soared in its market debut.

On the downside

Fourth quarter earnings soared for Cree (Nasdaq: CREE) but the LED light maker forecast first quarter earnings below analyst expectations prompting a downgrade.

Millennial Media (NYSE: MM) widened second quarter losses prompting downgrades.

Northern Tier Energy (NYSE: NTI) priced its public offering of 11.5 million common units at $22.85 per unit.

In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by nearly 10 to 9 on Nasdaq. The broader S&P 500 slipped 3 points to 1691.

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