Unexpected Drop In Jobless Claims Lifts Markets

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A larger than expected drop in initial applications for unemployment benefits boosted the markets during the midday with the Dow soaring 111 points to 10,149. Nasdaq surged 28 points to 2176.

 

On the upside

LeapFrog (NYSE: LF) impressed by swinging to a greater than expected profit for the fourth quarter as sales surged and expects significant growth in sales and earnings in 2010.

Lennar (NYSE: LEN) completed transactions with the Federal Deposit Insurance Corp. to resolve approximately 5,500 distressed residential and commercial loans.

ReneSola (NYSE: SOL) landed a contract to provide 600 megawatts of solar modules over three years to a solar company.

On the downside

While Amkor Technology (Nasdaq: AMKR) swung to a profit for the fourth quarter, the company warned of a sequential drop in first quarter revenue.

FLIR Systems (Nasdaq: FLIR) disappointed with lower fourth quarter earnings and forecast 2010 results below expectations.

Schweitzer-Mauduit International (NYSE: SWM) swung to a fourth quarter profit as sales rose but the paper and tobacco products company also announced a patent infringement lawsuit against four companies. 

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 6 points to 601.

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This page contains a single entry by published on February 11, 2010 10:01 AM.

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