Renewed concerns about the European economy weighed the markets down to a lower open with the Dow slipping 13 points 12,582. Nasdaq fell 10 points to 2817.
On the upside
J.C. Penney (NYSE: JCP) reported higher first quarter earnings that topped analyst estimates prompting the retailer to lift its full year outlook.
J. P. Morgan upgraded American Airlines parent AMR (NYSE: AMR) citing lower fuel costs.
On the downside
Lowe's (NYSE: LOW) blamed bad weather and challenging economic times for lower first quarter earnings that fell short of analyst expectations.
Shares of Rambus (Nasdaq: RMBS) continued falling after a federal appeals court ruled that the company inappropriately destroyed documents related to a patent case.
In the broad market, declining issues outpaced advancers by a margin of 9 to 7 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 831.
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