Lower Open As Consumer Confidence Drops

An unexpected drop in consumer confidence weighed the markets down to a lower open with the Dow tumbling 84 points to 11,829. Nasdaq fell 23 points to 2675.

On the upside

Quest Diagnostics (NYSE: DGX) reported lower third quarter earnings but revenue rose to top estimates and the company increased its quarterly dividend.  

Third quarter earnings more than doubled for BP (NYSE: BP) as revenue climbed. 

The FDA approved a Phase 2 study for Aeterna Zentaris' (Nasdaq: AEZS) breast cancer treatment AEZS-108. 

On the downside

Third quarter earnings rose for Netflix (Nasdaq: NFLX) to beat expectations but the company lost more subscribers than expected and warned of losses next year.

MF Global (NYSE: MF) widened second quarter losses more than expected.   

AK Steel Holding (NYSE: AKS) narrowed third quarter losses but warned of challenging economic conditions and issued no outlook for the current quarter.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 13 points to 722.