Stocks Open Higher on Improving Job Picture

July 9, 2009 6:45 AM |
The Labor Department reported a drop in initial jobless claims last week to their lowest levels since January.  The Dow rose 15 points to 8193 while Nasdaq added 5 points to 1752.
 

On the upside

Alcoa (NYSE: AA) reported a smaller than expected loss as the metals market stabilized.

An analyst upgraded Blue Nile (Nasdaq: NILE), an online retailer for jewelry.

Rigel Pharmaceuticals (Nasdaq: RIGL) reported positive results for its rheumatoid arthritis drug candidate.

On the downside

An analyst downgraded Valeant Pharmaceuticals (NYSE: VRX).

Network equipment maker Emulex (NYSE: ELX) turned down a sweetened buy-out offer from Broadcom (Nasdaq: BRCM).

3COM (Nasdaq: COMS) posted earnings that beat expectations, but quarterly revenues declined versus year-ago levels.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 480.

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