Fitch Cuts Portugal's Debt Rating, Markets Open Lower

On the upside

Novavax (Nasdaq: NVAX) reported positive results from a midstage swine flu vaccine study.

First quarter earnings for Adobe Systems (Nasdaq: ADBE) beat expectations and the company forecast strong current quarter results.

MF Global Holdings (NYSE: MF) named former New Jersey governor Jon S. Corzine to the position of chief executive.

On the downside

Poniard Pharmaceuticals (Nasdaq: PARD) halted efforts to obtain regulatory approval for its lung cancer treatment picoplatin, announced that it will slash its workforce by 45% and will begin exploring strategic options including the possible sale of the company.

The Food and Drug Administration will take enforcement action against Genzyme (Nasdaq: GENZ) to ensure that products made at its Allston plant are in compliance with good manufacturing practices regulations.

Jabil Circuit (NYSE: JBL) reversed year ago losses but revenue fell short of analyst expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 687.