The markets opened lower with the Dow dropping 76 points to 17,152 as producer prices fell 0.2% in February. Nasdaq tumbled 36 points to 4,713.
On the upside
Celator Pharmaceuticals (Nasdaq: CPXX) reported positive results from a Phase 3 trial of VYXEOS to treat patients with high risk acute myeloid leukemia.
Solazyme (Nasdaq: SZYM) narrowed losses for the fourth quarter and signed a five-year supply agreement with Unilever valued at more than $200 million.
Shares of Mead Johnson (NYSE: MJN) surged on speculation that the company may be acquired.
On the downside
Valeant Pharmaceuticals (NYSE: VRX) reported a greater than expected loss for the fourth quarter and slashed its forecast for the current quarter and full year.
Gerdau (NYSE: GGB) reported a loss for the fourth quarter.
JPMorgan and Gabelli & Co. downgraded 3D Systems (NYSE: DDD).
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by 7 to 2 on Nasdaq. The broader S&P 500 fell 12 points to 2,007. Bitcoin added $2 to $415.
