Stocks Open Lower on Weak Jobs Report

July 2, 2009 7:00 AM |
U.S. employers cut 467,000 jobs in June raising the unemployment rate to 9.5%, a 26-year high.  The Dow fell nearly 150 points to 8355 while Nasdaq tumbled 40 points to 1805.

On the upside

Shares of Ireland-based Elan (NYSE: ELN) surged after Johnson & Johnson (NYSE: JNJ) paid $1 billion to take an 18% stake in the drug research firm.

An analyst upgraded Evergreen Solar (Nasdaq: ESLR).

On the downside

Exelon (NYSE: EXC) offered $8 billion in stock to buy NRG (NYSE: NRG) in a hostile bid to combine the two power generating businesses.

Illumina (Nasdaq: ILMN) lowered its outlook due to reduced demand for its genetic testing services.

A federal appeals court allowed subscribers to Dish Network (Nasdaq: DISH) to continue using digital recording technology that TiVo (Nasdaq: TIVO) is challenging.

The FDA stopped sleep aid drug trials aimed at children.  Shares of Sepracor (Nasdaq: SEPR) promptly fell.

In the broad market, declining issues outpaced advancers by a margin of 5 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 12 points to 504.

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This page contains a single entry by published on July 2, 2009 7:00 AM.

Increase In ISM Index Lifts Markets To Higher Close was the previous entry in this blog.

Soaring Unemployment Sends Markets Tumbling is the next entry in this blog.

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