A contraction of manufacturing activity in China as well as Europe weighed the markets down to a lower open with the Dow dropping 66 points to 13,058. Nasdaq fell 17 points to 3057.

On the upside

Pozen (Nasdaq: POZN) reported positive results from two Phase 3 clinical trials of its PA32540 immediate release omeprazole and delayed release aspirin.

A Seeking Alpha contributor wrote yesterday that the granting of a patent for Galena Biopharma’s (Nasdaq: GALE) breast cancer treatment NeuVax will bring great financial benefits to the company.

The Federal Communications Commission proposed changing satellite airwave rules for wireless networks that will benefit Dish Network (Nasdaq: DISH).

On the downside

FuelCell Energy INc. (Nasdaq: FCEL) priced its public offering of 20 million common shares at the discounted price of $1.50 per share.   

Costamare (NYSE: CMRE) priced its public offering of 7.5 million common shares at the discounted price of $14.10 per share. 

A military coup in Mali weighed down shares of Rangold Resources (Nasdaq: GOLD).

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 821.