Stocks Opened Lower on Mixed Economic News

On the upside

Semitool (Nasdaq: SMTL) received a $364 million all-cash acquisition offer from Applied Materials (Nasdaq: AMAT).

China-based mobile phone maker Zoom Technologies (Nasdaq: ZOOM) posted quarterly revenues that tripled and solid earnings.

Assured Guaranty (NYSE: AGO) reported a quarterly loss, but operating income was in the black.  Management offered an upbeat outlook for its municipal bond insurance business.

On the downside

Home Depot (NYSE: HD), the nation's largest home improvement retail chain, posted better than expected earnings, but revenues continued to fall due to a weak housing market.

Target (NYSE: TGT) reported higher 3rd quarter earnings and expected discounts to draw holiday foot traffic, but at the expense of profit margins.

Shares of Pacific Sunwear of California (Nasdaq: PSUN) tumbled after the outdoor apparel retailer posted lower revenues and a larger quarterly loss.

In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 600.