Sharp Cut In Jobs Weighs Down Dow

January 8, 2010 6:56 AM |
An unexpectedly sharp number of job cuts in December weighed down the Dow with the blue chip index slipping 28 points to 10,578. Nasdaq rose 6 points to 2306.

 

On the upside

UPS (NYSE: UPS) raised its earnings guidance for the fourth quarter and announced that 1,800 jobs will be cut in order to streamline operations.

DragonWave (Nasdaq: DRWI) reported third quarter earnings that doubled as revenue surged.

The Food and Drug Administration approved Cytori Therapeutics' (Nasdaq: CYTX) fat removal and injection PureGraft system.

On the downside

Synta Pharmaceuticals (Nasdaq: SNTA) priced its offering of approximately 5.5 million shares at $4.50.

Soleil downgraded MetroPCS (NYSE: PCS).

The Department of Education issued a report relating to the timing of Apollo Group's (Nasdaq: APOL) return of Title IV funds and may require the parent company of the University of Phoenix to post a letter of credit of approximately $125 million by the end of January.

In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 640.

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This page contains a single entry by published on January 8, 2010 6:56 AM.

Markets Close Mixed As Mortgage Rates Slip While Jobless Claims Rise was the previous entry in this blog.

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