Stocks Open Higher as Pace of Layoffs Slow
U.S. employers cut 345,000 jobs in May, the lowest pace since September of last year. However, the unemployment rate jumped to 9.4% as job creation remained elusive. Meanwhile, oil prices edged toward the $70 a barrel mark. The Dow rose 44 points to 8794 while Nasdaq added 5 points to 1854.
On the upside
Steve Jobs was reportedly ready to return from his medical leave in July. Investors lifted shares of Apple (Nasdaq: AAPL).
The FDA approved a wrinkle removal device for home use that can be purchased over the counter. Shares of Palomar Medical Technologies (Nasdaq: PMTI) surged.
Ulta Salon, Cosmetics & Fragrance (Nasdaq: ULTA) posted higher revenues and earnings. An analyst promptly upgraded the stock.
On the downside
Western Refining (NYSE: WNR) expanded its stock offering to 20 million shares priced at $9 a share.
XOMA (Nasdaq: XOMA) announced a $12 million stock offering. The drug research firm focuses on autoimmune diseases.
Shares of Cascade Corp. (NYSE: CAE) fell after the trucking equipment maker posted sharply lower 1st quarter sales and an overall loss.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by 8 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 534.
