Lower Open On Cyprus Concerns

The markets opened lower with the Dow losing 38 points to 14,476 over concerns that protests will erupt from Cyprus' decision to tax bank depositors in order to fund a bailout of the financial system. Nasdaq fell 15 points to 3233.

On the upside

Northland Capital Markets analyst Darren Aftahi upgraded Glu Mobile (Nasdaq: GLUU) to an Outperform rating.

Oppenheimer said that J.C. Penney (NYSE: JCP) successfully launched its new Joe Fresh shops inside 683 of its department stores.

Celsion (Nasdaq: CLSN) reported disappointing results from a Phase III clinical trial of its ThermoDox in combination with RFA in treating patients with primary liver cancer but the company will continue monitor patients for overall survival and the company will continue Phase II studies in breast cancer and colorectal cancer metastasis patients.

On the downside

A myelofibrosis patient treated with Incyte's (Nasdaq: INCY) ruxolitinib developed progressive multifocal leukoencephalopathy.

Profit taking sank shares of Helmerich & Payne (NYSE: HP).

Shares of Velti (NYSE: VELT) continued falling after posting an unexpected loss for the fourth quarter last week.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 index fell 8 points to 1552.

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