Stocks Open Lower as 2nd Quarter GDP Shrinks

On the upside 

Ameriprise Financial (NYSE: AMP) offered to pay about $1 billion in cash to acquire Columbia Management, the long-term asset management operations from Bank of America (NYSE: BAC).

Discovery Laboratories (Nasdaq: DSCO) received an FDA nod to proceed with studies to treat infant respiratory problems.

On the downside

Commercial lender CIT Group (NYSE: CIT) may give up control of the company to bondholders in order to reduce its $30 billion debt load.

Renesola (NYSE: SOL) issue 15.5 million in American depositary shares.  The China-based company manufactures solar products.

Iconix Brand Group (Nasdaq: ICON) trimmed its full-year outlook due to a possible performance hit from transitioning its Rocawear women's license to a new licensee.

Darden Restaurants (NYSE: DRI), which operates Olive Garden and Red Lobster restaurant chains, posted higher profits, but overall sales edged lower.  The company also lowered its earnings outlook.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 602.