Opening Bell Report
The markets opened lower under the weight of record high oil prices and mortgage-related woes. The Dow lost 94 points to 11,134 while Nasdaq dropped 20 points to 2237.

On the upside

Shares of Hercules (NYSE: HPC) leaped after the specialty chemical company received a $2.6 billion cash and stock offer from Ashland (NYSE: ASH).

InBev NV reportedly raised its takeover offer Anheuser-Busch (NYSE: BUD) after the brewery rejected the original $65 a share offer.

The oil sector rebounded with shares of Chesapeake Energy (NYSE: CHK) rising.

On the downside

An erosion in investor confidence triggered a collapse in the shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) making it nearly impossible to raise new capital.

Shares of Lehman Brothers (NYSE: LEH) fell to an 8-year low on worries of its exposure to mortgage-related securities.

Microchip assembly and test company Amkor Technology (Nasdaq: AMKR) lowered its 2nd quarter guidance due to production problems.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 667.

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