The markets opened lower as a disappointing outlook by Cisco Systems weighed on tech stocks. The Dow lost 78 points to 12,121 while Nasdaq dropped 26 points to 2252.
On the upside
Shares of CME Group (NYSE: CME) and NYMEX (NYSE: NMX) recovered after analysts suggested the stocks were unsold and that Department of Justice were unlikely to block mergers between futures exchanges.
Transportation management company Hub Group (Nasdaq: HUBG) posted a profit that beat expectations as its trucking and freight businesses grew rather than stay flat as projected by analysts.
Shares of Valence Technology (Nasdaq: VLNC) soared after the company posted a small loss on sharply higher revenues. The company also signed a contract to supply up to $70 million in battery packs to The Tanfield Group.
On the downside
Cisco Systems (Nasdaq: CSCO) posted earnings that met lowered expectations and issued a disappointing outlook that acknowledged slow corporate spending for Internet equipment.
GlaxoSmithKline PLC (NYSE: GSK) reported a small decline in profits on slightly higher revenues, but investors worried that generic competition and weaker sales for the company's diabetes drug treatment may mean single-digit growth through the rest of the year.
Shares of Corporate Executive Board (Nasdaq: EXBD) plunged after the management consulting firm posted higher earnings that beat estimates while lowering its profit oulook due to smaller contracts.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a fraction to 692.
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