Lower Open Over Earnings

The markets opened lower with the Dow slipping 28 points to 13,951 over earnings news. Nasdaq lost 6 points to 3165.

On the upside

Shutterfly (Nasdaq: SFLY) reported sharply higher fourth quarter earnings and revenue that surpassed analyst expectations by a wide margin.

Reliance Steel & Aluminum will pay a premium of approximately $766.1 million to acquire Metals USA (NYSE: MUSA).

Goodrich Petroleum (NYSE: GDP) completed its Crosby 12H-1 well in Wilkinson County, Mississippi.

On the downside

Fourth quarter earnings more than doubled for C.H. Robinson Worldwide (Nasdaq: CHRW) due to acquisitions but the results missed expectations.

Elan (NYSE: ELN) swung to a profit for the fourth quarter but the company announced a restructuring of its Tysabri agreement with Biogen.

A blog that said that used games will not be able to be installed in the next generation of Microsoft's (Nasdaq: MSFT) Xbox consoles sank shares of GameStop (NYSE: GME).

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 index slipped 2 points to 1509.

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