Lower Open Over Portugal's Downgrade

Moody's downgrade of Portugal's debt rating yesterday weighed the markets down to a lower open with the Dow slipping 2 points to 12,567 while Nasdaq lost 6 points to 2819.

On the upside

Hutchinson Technology (Nasdaq: HTCH) reported preliminary third quarter results of higher sequential shipments and sales and expects fourth quarter shipments to increase.

PMI (NYSE: PMI) announced yesterday that it will now be able to recognize the value of a contingent promissory note from QBE Insurance Group on its financial statements.

Barclays Capital upgraded Tesoro (NYSE: TSO) to an Overweight rating.

On the downside

FBR Capital Markets analyst Craig Berger said that OmniVision Technology (Nasdaq: OVTI) appears to have missed a supply deadline for Apple's (Nasdaq: AAPL) iPhone.

Petrohawk Energy (NYSE: HK) amended its credit facility.

Moody's rated a new series of bonds from Banco Santander (NYSE: STD) Aaa but the stock price fell on concerns about the bank's exposure to Portugal, whose debt rating was downgraded to junk status yesterday.

In the broad market, declining issues outpaced advancers by nearly 7 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 838.
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