Stocks Open Lower on Modest Corporate Earnings

October 13, 2009 6:45 AM |
Investors took profits as corporate earnings mostly met expectations.  Meanwhile, gold prices soared to a new high of $1069 an ounce.  The Dow lost 58 points to 9827 while Nasdaq gave up 8 points to 2131.

On the upside 

Wireless network gear maker Starent Networks (Nasdaq: STAR) was snapped up by Cisco Systems (Nasdaq: CSCO) in a $2.9 billion deal.

Pier 1 Imports (NYSE: PIR) surprised analysts after announcing same-store sales rising nearly 10% versus year-ago levels.

Vanda Pharmaceuticals (Nasdaq: VNDA) signed an exclusive license agreement with Novartis (NYSE: NVS) to market its schizophrenia drug.

On the downside

CIT Group (NYSE: CIT) announced that its chairman and CEO will resign at the end of the year.

Johnson & Johnson (NYSE: JNJ) posted a slim increase in profits as 3rd quarter revenues missed forecasts.

An analyst downgraded Acorda Therapeutics (Nasdaq: ACOR) which recently received an FDA safety report questioning the company's multiple sclerosis drug.

In the broad market, declinig issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 609.

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