Drop In Jobless Claims Lifts Markets

November 25, 2009 6:49 AM |
Initial applications for unemployment benefits dropped more than expected to lift the market to a modestly higher open with the Dow rising 16 points to 10,450. Nasdaq gained 6 points to 2175.

On the upside

Incyte (Nasdaq: INCY) will license two blood disorder and cancer treatments to Novartis for $150 million upfront and an additional $60 million milestone payment.

Third quarter earnings for J. Crew (NYSE: JCG) more than doubled to surpass expectations as revenue rose.

Although third quarter earnings for Tiffany & Co. (NYSE: TIF) eased, the results topped estimates and the jewelry retailer lifted its full year outlook.

On the downside

Coldwater Creek (Nasdaq: CWTR) blamed a significant tax charge for widening third quarter losses.

Dataram (Nasdaq: DRAM) widened second quarter losses even as revenue increased.

India's Central Bureau of Investigation filed more charges against ten people accused of accounting fraud at Satyam Computer (NYSE: SAY).

In the broad market, advancing issues outpaced decliners by a margin of more than 9to 7 on the NYSE while decliners edged out advancers by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 592.

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