Opening Bell Report
The markets fell on a mixed batch of earnings news amid difficult economic conditions. The Dow dropped 37 points to 11,408 while Nasdaq tumbled 35 points to 2276.

On the upside

Citigroup (NYSE: C) posted a $2.5 billion loss, but the results were better than expected.

Toy maker Mattel (NYSE: MAT) reported higher revenues as earnings fell due to higher costs. Investors were generally pleased with the results which beat expectations.

Generic drug maker Barr Pharmaceuticals (NYSE: BRL) received a $7 billion cash and stock offer from Israeli drugmaker Teva Pharmaceutical (Nasdaq: TEVA).

On the downside

Google (Nasdaq: GOOG) posted higher revenues and earnings that showed the effects of a slowing economy. Investors hoping for recession-proof results promptly sold the stock. (Nasdaq: OSTK) posted higher revenues due to the addition of half a million online customers, but investors focused on the continued losses.

Biotechnology company Gilead Science (Nasdaq: GILD) reported higher revenues and earnings on increased HIV drug sales. Analysts attributed much of the gains to a favorable currency exchange rate and downgraded the stock on valuation.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 692.

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