Irish Banks Downgraded, Markets Open Lower

The markets opened lower with the Dow losing 16 points to 11,475 after Moody's downgraded four Irish banks. Nasdaq slipped 4 points to 2638.

On the upside

Raytheon will pay approximately $490 million to acquire intelligence and surveillance system maker Applied Signal Technology (Nasdaq: APSG).

Robert W. Baird analyst Thomas J. Russo upgraded InterMune (Nasdaq: ITMN) citing a European advisory panel's recommendation to approve the biotechnology company's lung disease treatment Esbriet.

Medtronic (NYSE: MDT) announced that chairman and chief executive William Hawkins will retire on April 29, 2011.

On the downside

On Friday, Moody's placed National Bank of Greece (NYSE: NBG) on review for a possible downgrade.

Moody's downgraded Allied Irish Banks (NYSE: AIB).

Susquehanna downgraded American Eagle Outfitters (NYSE: AEO).

In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE and by more than 8 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 779.