Stocks Open Lower on Inflation Worries

On the upside

An FDA memo reaffirmed the efficacy of a gout drug treatment developed by Savient Pharmaceutical (Nasdaq: SVNT), but identified other risks to patients.

Rambus (Nasdaq: RMBS) reached a settlement with European Union regulators for alleged abuses from the company's efforts to standardize its DRAM memory chip patents and to charge royalties for them.

An analyst upgraded high-end retailer Saks (NYSE: SKS) with the company's prospects tied to an eventual recovery of consumer spending.

On the downside

U.S. fund manager BlackRock (NYSE: BLK) offered $13.5 billion to buy the global investment arm of U.K.-based Barclays (NYSE: BCS).

Ezcorp. (Nasdaq: EZPW) lowered guidance for the rest of the year due to weak demand for its pawn shop and paycheck loan services.

Insurer Hartford Financial Services Group (NYSE: HIG) offered $750 million in a new stock offering while tapping the federal government for $3.4 billion in TARP funds.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 521.