Stocks Open Lower on Economic Recovery Worries

On the upside

Mortgage loan provider Popular (Nasdaq: BPOP) announced a favorable swap of preferred shares for common stock at $2.50 apiece.

Shares of American Axle and Manufacturing (NYSE: AXL) continued to rally after an analyst upgraded the company which will receive a cash infusion through General Motors.

An analyst upgraded AnnTaylor Stores (NYSE: ANN).

On the downside

Hewlett-Packard (NYSE: HPQ) posted earnings that beat estimates and reaffirmed its outlook, but investors focused on weak sales and decided to take profits.

Deere (NYSE: DE) reported a sharp drop in quarterly revenues and profits due to slowing global demand for its farming and construction equipment.

Enersys (NYSE: ENS) announced the sale of 3.2 million new shares.   The company makes industrial batteries.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 553.