Opening Bell Report

Investors continued to worry about the health of the financial services sector with the Dow falling 50 points to 13,264. Nasdaq lost 15 points to 2621.

On the upside

The board of Dell (Nasdaq: DELL) approved a $10 billion stock repurchase plan.

Jamba (Nasdaq: JMBA) which operates a chain of fruit smoothies stores entered into a licensing deal with Nestle for bottled drinks.

Autozone (NYSE: AZO) posted profits that beat estimates. The nation's largest auto parts retail chain posted higher sales taking market share from its competitors.

On the downside

Cerberus Capital Management called off talks to buy a mortgage unit from H&R Block (NYSE: HRB).

Dow Chemical (NYSE: DOW) announced plans to sell off underperforming businesses including its automotive sealers unit.

Merck & Company (NYSE: MRK) stated that the drugmaker remained on track to eliminate 7000 jobs by the end of next year and reaffirmed its 2007 outlook which missed analysts' expectations.

In the broad market, declining issues outpaced advaners by a margin of nearly 4 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 10 points to 749.

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