Lower Open As Earnings Disappoint

Disappointing earnings weighed the markets down to a lower open with the Dow falling 61 points to 12,662 after European leaders finalized a bailout package for Greece. Nasdaq added a point to 2835.

On the upside

Advanced Micro Devices (NYSE: AMD) reversed year ago losses to post a profit for the second quarter and forecast current quarter revenue ahead of estimates.

Skyworks Solutions (Nasdaq: SWKS) reported higher third quarter earnings that beat analyst expectations and forecast fourth quarter results that topped estimates.

Second quarter earnings rose for SanDisk (Nasdaq: SNDK) to surpass analyst expectations by a wide margin.

On the downside

Human Genome Sciences (Nasdaq: HGSI) blamed higher expenses for widening second quarter losses.

Caterpillar (NYSE: CAT) reported sharply higher second quarter earnings but the results fell short of analyst expectations.

Cemex (NYSE: CX) disappointed with a greater than expected loss for the second quarter.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 838.