Embattled BP chief executive Tony Hayward will be step aside on October 1 to be replaced by Robert Dudley. The markets opened flat with the Dow adding 5 points to 10,531 while Nasdaq lost 4 points to 2292.

On the upside

Regions Financial (NYSE: RF) reported a narrower than expected loss for the second quarter.

Second quarter earnings surged for DuPont (NYSE: DD) to top estimates as revenue climbed and the chemical company lifted its full year guidance.

The International Trade Commission ruled that Nvidia (Nasdaq: NVDA), Hewlett-Packard (NYSE: HPQ) and others infringed on Rambus' (Nasdaq: RMBS) chip patents.

On the downside

While Zoran (Nasdaq: ZRAN) narrowed second quarter losses, the results fell short of expectations and the chipmaker forecast third quarter results below analyst estimates.

Level 3 Communications (Nasdaq: LVLT) widened second quarter losses.

Thermo Fisher Scientific (NYSE: TMO) reported higher second quarter earnings but the results fell short of analyst expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 669.