Unexpected Rise In Jobless Claims Weighs Down Markets

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Initial applications for unemployment benefits unexpectedly rose last week renewing concerns about the economic recovery. The markets extended its losses during the midday with the Dow plummeting 162 points to 10,211 while Nasdaq plunged 30 points to 2205.

 

On the upside

Liberty Media (Nasdaq: LINTA) reported higher fourth quarter revenue for each of its groups.

Fourth quarter earning for True Religion (Nasdaq: TRLG) rose to top estimates.

Dr. Pepper Snapple Group (NYSE: DPS) swung to a profit for the fourth quarter.

On the downside

Fourth quarter earnings for steel pipe products company Tenaris (NYSE: TS) more than doubled but analysts expected even greater results.

GameStop (NYSE: GME) chief financial officer Catherine R. Smith resigned to join Wal-Mart's (NYSE: WMT) international division.

RRI Energy (NYSE: RRI) disappointed with a fourth quarter loss as earnings fell. 

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 622.

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This page contains a single entry by published on February 25, 2010 10:08 AM.

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