Greek proposal insufficient, markets drop

Wholesale inventories rose in April but the markets opened lower with the Dow falling 44 points to 17,721 after European Union officials declared that a new reform proposal submitted by Greece was insufficient. Nasdaq dropped 33 points to 4,988.

On the upside

LightPath Technologies (Nasdaq: LPTH) will supply firefighting thermal imaging cameras with its Infrared 40 degree Field of View molded optical lens assembly.

Newmont Mining (NYSE: NEM) will pay approximately $820 million in cash to acquire AngloGold Ashanti's (NYSE: AU) Cripple Creek & Victor gold mine.

Tsinghua Unigroup will pay approximately $123.8 million in cash for approximately 63.5 million shares of 500.com (NYSE: WBAI).

On the downside

Quiksilver (NYSE: ZQK) reported a wider than expected loss for the second quarter prompting the company to withdraw its full year guidance.

Burlington Stores (NYSE: BURL) reported higher first quarter earnings and revenue but revenue fell short of expectations.

Hovnanian Enterprises (NYSE: HOV) widened second quarter losses more than expected.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 slipped 3 points to 2075. Bitcoin added $2 to $230.