The markets opened lower as investors mulled over the latest batch of earnings news. The Dow lost 26 points to 13,866 while Nasdaq fell 8 points to 2783.
On the upside
Shares of Nokia (Nasdaq: NOK) rose after the company reported brisk handset sales and profits that nearly doubled.
Logitech International (Nasdaq: LOGI) posted higher sales and profits, but noted that the computer peripheral maker will write down a portfolio of bad investments.
Callaway Golf (NYSE: ELY) set guidance for an adjust profit versus an expected loss due to strong consumer demand for its products.
On the downside
EBay (Nasdaq: EBAY) posted a loss due to a significant write-down of its Skype acquisition.
Bank of America (NYSE: BAC) posted lower profits as trading losses mounted and the nation's second largest bank struggled with mortgage-related loan problems and credit losses due to bankruptcy reform.
E-Trade Financial (Nasdsaq: ETFC) reported a loss after writing down a portfolio of mortgage-backed securities and lowering its outlook for the year.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gave up 6 points to 818.