Lower open as Fed meets

The markets opened lower with the Dow losing 19 points to 16,788 over expectations that the Federal Reserve would lower its bond purchases. Nasdaq slipped 2 points to 4,334.

On the upside

A Food and Drug Administration advisory committee recommended approval of EnteroMedics' (Nasdaq: ETRM) obesity treatment VBLOC Therapy.

The Food and Drug Administration granted Breakthrough Therapy Designation to Insmed's (Nasdaq: INSM) nontuberculous mycobacterial lung disease treatment Arikayce/Arikace.

Adobe Systems (Nasdaq: ADBE) reported higher second quarter earnings and revenue that topped analyst estimates.

On the downside

Merck (NYSE: MRK) will no longer develop Endocyte's (Nasdaq: ECYT) vintafolide.

ConAgra Foods (NYSE: CAG) blamed disappointing sales for lowering its fourth quarter earnings outlook.

La-Z-Boy (NYSE: LZB) reported lower fourth quarter earnings that fell short of analyst expectations.

In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 added a point to 1943. Bitcoin edged up $0.88 or 0.14% to $605.47.

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