U.S. stocks opened lower on Wednesday on concerns the Federal Reserve might take a scaled approach to its delivery of quantitative easing measures. A stronger-than-expected report on orders for durable goods in September failed to turn the tide. The Dow Jones Industrial Average opened down 64 points to 11,104. The S&P 500 index dropped 7 points to 1,178. The Nasdaq Composite fell 7 points to 2,490. The earnings are mixed this morning. Companies trading lower following earnings include Panera Bread, Buffalo Wild Wing, Conoco Philips, Northrop Grumman, General Dynamic, Southern Company, Jones Group, Owens Corning, Sprint Nextel, Legg Mason, Office Depot, Whirlpool, Lazard, and Martha Stewart. A number of techs are trading higher following earnings. F5 Networks is jumping 12%, Broadcom is up 9%, and Novellus is up 2%. Netgear is jumping 10% on an upgrade. Research in Motion continues to perform well due in part to takeover speculation. Other companies trading higher following earnings include Dreamworks, Hess, Comcast, PG, International Paper, and Deutsche Bank. The financials are trying to battle back. Bank of America is up 2%. After the first hour the Dow fell 100 points. The Nasdaq declined 7 points. The commodities are getting hit after a nice run up yesterday. The financials remain one of the few sectors holding in there.
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