Unemployment Rates Drops Despite Unexpected Job Losses

February 5, 2010 6:49 AM |
Despite an unexpected loss of 20,000 jobs in January, the unemployement rate dropped to 9.7%, the lowest level in five months. The markets opened lower with the Dow falling 49 points to 9952 while Nasdaq lost 7 points to 2117.

 

On the upside

Air Products and Chemicals (NYSE: APD) offered approximately $5.1 billion in cash to acquire Airgas (NYSE: ARG).

Tyson Foods (NYSE: TSN) reversed year ago losses to post a greater than expected profit for the first quarter as revenue rose.

Fourth quarter earnings for Power-One (Nasdaq: PWER) more than doubled as sales climbed.

On the downside

Phase Forward (Nasdaq: PFWD) blamed impairment charges for swinging to a fourth quarter loss.

While Corning (NYSE: GLW) said that sales of liquid crystal display televisions, laptops and handheld devices are expected to be strong in 2010, the company failed to offer a full year outlook.

NIC (Nasdaq: EGOV) disappointed with lower fourth quarter earnings that fell short of expectations.

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 nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 585.

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This page contains a single entry by published on February 5, 2010 6:49 AM.

Fears Of Weak European Economy Sink Stocks was the previous entry in this blog.

Greater Than Expected Job Losses Weigh Down Markets is the next entry in this blog.

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