Markets Open Lower Over Disappointing Data

The markets opened lower with the Dow losing 43 points to 10,630 over flat consumer spending and income. Nasdaq fell 15 points to 2279.

On the upside

Solarfun Power Holdings (Nasdaq: SOLF) reversed year ago losses to post a profit for the second quarter. The company also announced that Hanwha Chemical will invest approximately $78 million to acquire nearly 50% of Solarfun.

Cognizant Technology Solutions (Nasdaq: CTSH) reported higher second quarter earnings that topped analyst estimates and forecast full year results ahead of expectations.

Second quarter earnings rose for Pfizer (NYSE: PFE) to surpass expectations.

On the downside

Sykes Enterprises (Nasdaq: SYKE) reported sharply lower second quarter earnings that fell far short of expectations prompting the company to cut its full year outlook.

Radian Group (NYSE: RDN) disappointed by swinging to a loss for the second quarter that was much wider than expected.

While second quarter earnings rose for Baker Hughes (NYSE: BHI), the results fell short of expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 653.