The markets opened mixed as investors remained concerned about inflation and higher jobless claims. The Dow slipped 7 points to 13,223 while Nasdaq held steady at 2644.
On the upside
Semiconductor equipment maker Applied Materials (Nasdaq: AMAT) announced lower profits, but the results beat expectations.
Intel (Nasdaq: INTC) announced that it would raised its dividend for the 1st quarter of 2008.
On the downside
J.C. Penney (NYSE: JCP) blamed weak same-store sales for a slight decline in overall revenues while slashing its outlook for the holiday season.
Shares of Sina (Nasdaq: SINA) tumbled after the Chinese Internet company posted higher profits against declining mobile service sales.
Shares of BEA Systems (Nasdaq: BEAS) lost ground after comments from Oracle's CEO indicated that a new bid for the software company would be unlikely.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 779.