Stocks Open Lower on Stronger Dollar
On the upside
Sears Holdings (Nasdaq: SHLD) reported lower revenues and a smaller quarterly loss due to cost cutting while same-store sales at Kmart stores nearly offsetting those at Sears department stores.
Shares of Donaldson Company (NYSE: DCI) rose after the filtration systems maker posted lower quarterly profits that beat estimates.
On the downside
Aetna (NYSE: AET) announced a 3.5% cut in its workforce due to weak economic conditions and the uncertainty of health care reform policies.
Chinese online gaming company NetEase.com (Nasdaq: NTES) reported higher revenues and profits, but the results missed analysts' estimates.
Shares of China Medical Technologies (Nasdaq: CMED) slumped after the company posted disappointing quarterly results and lowered its guidance.
Jack in the Box (Nasdaq: JACK) reported higher profits, but a drop in same-store sales worried investors. The fast food chain operator also lowered its outlook.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 9 points to 591.
