The markets opened lower as worries about the impact of bond insurer MBIA losses and downgrades on the rest of the financial services sector grew. The Dow dropped 80 points to 12,362 while Nasdaq fell 13 points to 2335.
On the upside
CVS Caremark (NYSE: CVS) posted profits that nearly doubled with its acquisition of Caremark. Shares of the nation's largest pharmacy chain rose in early trading.
Shares of Mattel (NYSE: MAT) rose after the maker of Barbie, Hot Wheels and Fisher-Price toys announced higher earnings boosted by tax gains that helped to offset product recall-related charges.
Credit card processor MasterCard (NYSE: MA) posted higher 4th quarter earnings citing strength in overseas spending.
On the downside
Shares of Cadence Design Systems (Nasdaq: CDNS) tumbled after the semiconductor manufacturing equipment maker set lower 1st quarter guidance.
Duke Realty (NYSE: DRE) posted results that met analysts' expectations, but the real estate investment trust lowered its outlook for 2008 due to an uncertain business climate.
MBIA (NYSE: MBI) reported $3.5 billion in write-downs due to the deterioration of bonds that the company insured.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 692.
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