Opening Bell Report

The markets opened lower as investors continued to wrestle with more troubling news from the financial services sector. The Dow slipped 10 points to 11,885 while Nasdaq gave up 2 points to 1291.

On the upside

Nationwide Financial Services (NYSE: NFS) announced that it has received all-cash deal to be acquired by its parent company Nationwide Mutual Insurance Company.

Tessera Technologies (Nasdaq: TSRA) announced a court date in its efforts to win back its chip design patents and to pursue Amkor's failure to pay royalties.

Shares of Spectrum Pharmaceuticals (Nasdaq: SPPI) surged after the FDA approved its bone cancer drug treatment last Friday.

On the downside

Countrywide (NYSE: CFC) was the target of FBI probes into securities fraud, according to media reports.

Analysts downgraded Thornburg Mortgage (NYSE: TMA) following last Friday's announcement that the lender would restate its financials due to impairment losses on assets.

Shares of Google (Nasdaq: GOOG) lost ground after a Barron's report over the weekend suggested the stock may lose another 20% in the short term.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a fraction to 659.

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