Lower Open Over Tapering Concerns

The markets opened lower with the Dow losing 39 points to 14,963 despite an increase in existing home sales as the impending Federal Reserve tapering weighed on investors. Nasdaq slipped 2 points to 3611.

On the upside

Incyte (Nasdaq: INCY) reported upbeat results from a Phase II clinical trial of its pancreatic cancer treatment ruxolitinib.

Lowe's (NYSE: LOW) reported higher second quarter earnings and revenue that beat analyst expectations prompting the home improvement retailer to lift its full year outlook.

Second quarter earnings surged for SGOCO Group (Nasdaq: SGOC) as revenue climbed.

On the downside

Staples (Nasdaq: SPLS) disappointed with lower second quarter earnings and revenue that fell short of analyst expectations and cut its full year guidance.

Second quarter earnings rose for American Eagle Outfitters (NYSE: AEO) but revenue fell and the teen apparel retailer forecast sharply lower current quarter earnings that missed expectations by a wide margin.

Angie's List (Nasdaq: ANGI) named Thomas R. Fox to the position of chief financial officer.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 slipped 3 points to 1648.

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