Markets Open Lower Over Possible Downgrade Of Portugal

Moody's Investor Services warned that Portugal's debt rating may be downgraded sending the markets down to a lower open with the Dow falling 56 points to 10,870. Nasdaq dropped 22 points to 2402.

On the upside

First quarter earnings for Vonage (NYSE: VG) more than doubled as revenue rose.

American Medical Systems (Nasdaq: AMMD) reported higher first quarter earnings that topped analyst estimates and lifted its full year outlook prompting an upgrade.

Esco Technologies (NYSE: ANN) posted a sharp drop in second quarter earnings but reported a record backlog in orders.

On the downside

The Food and Drug Administration rejected InterMune's (Nasdaq: ITMN) lung scarring treatment pirfenidone.

Third quarter revenue and earnings for Myriad Genetics (Nasdaq: MYGN) fell short of expectations.

Garmin (Nasdaq: GRMN) disappointed with lower first quarter earnings and revenue that missed estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 12 points to 696.