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.
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.