Markets Open Mixed As Jobless Claims Post Surprise Gain

January 21, 2010 6:47 AM |
It was a mixed open for the markets with the Dow falling 20 points to 10,582 while Nasdaq rose 9 points to 2300.  An unexpected increase in jobless claims tempered upbeat corporate earnings news.

 

On the upside

Strong  holiday sales lifted fourth quarter earnings for eBay (Nasdaq: EBAY).

Seagate Technology (Nasdaq: STX) reversed year ago losses to post a stronger than expected profit for the second quarter as gross margin improved.

Fifthe Third Bancorp (Nasdaq: FITB) narrowed fourth quarter losses and posted a profit for the full year.

On the downside

Total Systems Services (NYSE: TSS) reported lower fourth quarter earnings and forecast 2010 results below expectations.

PNC Financial Services (NYSE: PNC) reversed year ago losses to report a stronger than expected fourth quarter profit but the stock price fell.

While Legg Mason (NYSE: LM) reversed year ago losses to post a third quarter profit, revenue fell.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 7 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 642.

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