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Lower open on disappointing new home sales

January new home sales rose less than expected to weigh the markets down to a lower open with the Dow falling 54 points to 20,756. Nasdaq dropped 21 points to 5,814.


On the upside


Cempra (Nasdaq: CEMP) reported upbeat results from a Phase 3 study of oral fusidic acid to treat patients with acute bacterial skin and skin structure infections.


RH (NYSE: RH) reported better than expected earnings for the fourth quarter.


The Food and Drug Administration approved IntelliPharmaCeutics International's (Nasdaq: IPCI) abbreviated new drug application for metformin hydrochloride extended release tablets in the 500 mg and 750 mg strengths.


On the downside


North American Offshore (NYSE: NAO) upsized its public offering to 40 million common shares priced at the discounted price of $1.25 per share.


Hi-Crush Partners (NYSE: HCLP) priced its public offering of approximately 20 million units at a discount.

Acacia Communications (Nasdaq: ACIA) reported impressive fourth quarter earnings and revenue but the company forecast current quarter results that fell short of analyst expectations.


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 index lost 7 points to 2,356. Bitcoin soared $25 to $1,182.


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