Higher Jobless Claims Weigh Down Stocks

December 17, 2009 6:45 AM |
Investors and analysts were surprised by a small, but unexpected increase in 1st time jobless claims last week.  The Dow lost 63 points to 10,378 while Nasdaq gave up 12 points to 2194.

On the upside

General Mills (NYSE: GIS) posted slightly higher revenues and a 50% increase in quarterly income boosted by strong sales of higher-margin cereals.

Amusement park operator Cedar Fair (NYSE: FUN) received a $2.4 billion cash and debt offer to be taken over by a private equity firm.

A123 Systems (Nasdaq: AONE) announced a joint venture for car batteries with China's Shanghai Autos.

On the downside

Fedex (NYSE: FDX) posted lower quarterly profits that missed estimates and offered a cautious forecast for the current quarter. 

Citigroup (NYSE: C) completed its secondary offering, but the discount disappointed investors.

GeoEye (Nasdaq: GEOY) warned that its revenues may be hit by a technical glitch.  The company provides satellite imagery.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 608.

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This page contains a single entry by published on December 17, 2009 6:45 AM.

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