Lower Open On Disappointing Earnings

Disappointing earnings weighed the markets down to a lower open with the Dow falling 74 points to 14,436. Nasdaq dropped 23 points to 3230.

On the upside

ACADIA Pharmaceuticals (Nasdaq: ACAD) reported upbeat results from a Phase III-020 study of its Parkinson's disease psychosis treatment pimavanserin.

Raymond James upgraded Weatherford International (NYSE: WFT) to an Outperform rating.

Supervalu (NYSE: SVU) completed the sale of its Albertsons, Acme, Jewel-Osco, Shaw's and Star Market stores to AB Acquisition in a stock deal valued at approximately $3.3 billion.

On the downside

Oracle (Nasdaq: ORCL) disappointed with flat third quarter earnings as revenue fell to miss analyst expectations.

Ballard Power Systems (Nasdaq: BLDP) priced its offering of 7.275 units at the discounted price of $1.10 per unit.

Jabil Circuit (NYSE: JBL) reported lower second quarter earnings that fell short of expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 index fell 9 points to 1549.

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