January 23, 2008 at 10:00 AM EST
Opening Bell Report

The markets opened lower again as tech companies offered guidance that confirmed weakness in the economy. The Dow dropped nearly 200 points while Nasdaq lost 50 points within the first 15 minutes of trading.

On the upside

Pfizer (NYSE: PFE), the world's largest drug maker, posted higher 4th quarter revenues and lower earnings, but the results beat analysts' estimates.

The volume of mortgage applications rose for the 3rd straight week as homeowners refinance their mortages. Shares of Wachovia (NYSE:WB) and Wells Fargo (NYSE: WFC) edged higher.

Shares of semiconductor maker Cree (Nasdaq: CREE) rose after the company boosted its profit and revenue outlook due to strong LED sales.

On the downside

Apple (Nadsaq: AAPL) offered guidance for the 2nd quarter late yesterday that confirmed worries about consumer spending.

Motorola (NYSE: MOT) posted lower 4th quarter profits due to a weakness in its handset unit.

An analyst lowered his opinion of Ciena (Nasdaq: CIEN) questioning the merits of the company's $290 million acquisition of World Wide Packets, a provider of carrier ethernet services.

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 8 points to 662.

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