Opening Bell Report

The markets opened mixed as investors reacted to a report showing anemic economic growth.  The Dow fell 50 points to 11,533 while Nasdaq rose 17 points to 2346 lifted by a strong biotech sector.

On the upside

Imclone (Nasdaq: IMCL) received a $60 a share bid from drug developer Bristol-Myers (NYSE: BMY).  The stock surpassed the target price on hopes of higher offer.

Motorola (NYSE: MOT) posted a profit for the 2nd quarter which beat expectations citing an increase in cell phone shipments.

Diversified manufacturer Tyco International (NYSE: TYC) returned to profitability in the 3rd quarter.

On the downside

Exxon Mobil (NYSE: XOM) reported 2nd quarter earnings of $11.68 billion due to soaring oil prices.  Nonetheless, the results, the biggest quarterly profit ever recorded by a U.S. corporation, missed expectations.

Akamai Technologies (Nasdaq: AKAM) posted revenues and earnings that missed forecasts.  Analysts promptly downgraded the Internet content delivery provider.

Shares of Hologic (Nasdaq: HOLX) tumbled after the diagnostic technology company reported 3rd quarter sales that fell short of estimates while lowering its guidance for the rest of the year.

In the broad market, declining issues outpaced advancers by a slim margin on the NYSE, but were edged out by a margin of 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a point to 717.