Unexpected Increase In Jobless Claims, Markets Open Lower

June 25, 2009 6:59 AM |
An unexpected increase in jobless claims weighed the markets down to a lower open with the Dow losing 25 points to 8274. Nasdaq fell 8 points to 1783.
 

On the upside

Jazz Pharmaceuticals (Nasdaq: JAZZ) announced upbeat results from a Phase III clinical trial of its fibromyalgia treatment sodium oxybate.

China Architectural Engineering (Nasdaq: CAEI) won a contract valued at over $500 million to develop and build a resort for the Shanghai Nine Dragon Co.

Although Lennar (NYSE: LEN) widened second quarter losses, new home sales and orders rose compared with the first quarter.

On the downside

Insmed (Nasdaq: INSM) reported disappointing results from a Phase II clinical trial of its myotonic muscular dystrophy treatment IPLEX.

Red Hat (NYSE: RHT) posted higher first quarter earnings and revenue that topped estimates but the stock price fell as analysts noted the company's high valuation.

Fourth quarter earnings for Nike (NYSE: NKE) fell due to the economic slump.

In the broad market, declining issues barely edged out advancers by a slim margin on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 495.

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This page contains a single entry by published on June 25, 2009 6:59 AM.

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