Opening Bell Report

The markets opened lower as oil prices edged higher and investors worried about the ongoing turmoil in the credit and mortgage industries. The Dow lost 37 points to 12,647 while Nasdaq dropped 10 points to 2334.

On the upside

Discount retailer Dollar Tree Stores (Nasdaq: DLTR) boosted its earnings outlook to beat analysts' expectations.

Shares of DreamWorks Animation SKG (NYSE: DWA) rose after the company posted strong results boosted by the performance of "Shrek the Third" late yesterday.

Maxwell Technologies (Nasdaq: MXWL) posted a loss due to a change in the valuaton of a convertible note. However, the maker of energy storage devices expected stronger sales through the rest of the year.

On the downside

Fannie Mae (NYSE: FNM) posted a $3.6 billion loss as its shares tumbled to a 12-year low. Share of rival Freddie Mac (NYSE: FRE) also lost ground.

Microsoft (Nasdaq: MSFT) was slapped with a record $1.35 billion fine by European regulators for charging competitors too much to access its technology to develop compatible products.

Shares of Autodesk (Nasdaq: ADSK) tumbled after the design software maker posted flat 4th quarter results while lowering its outlook.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 712.

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