Jobless Claims Rise, Markets Open Lower

Initial applications for unemployment benefits unexpectedly climbed last week to weigh down the markets to a lower open with the Dow plunging 145 points to 10,124. Nasdaq plummeted 33 points to 2157.


On the upside

Roth Capital initiated coverage of Cyclacel Pharmaceuticals (Nasdaq: CYCC) with a Buy rating.

Affymetrix (Nasdaq: AFFX) reversed year ago losses to post an unexpected profit for the fourth quarter as revenue rose.

January same store sales rose a greater than expected 5% for Gap (NYSE: GPS).

On the downside

Monster Worldwide (NYSE: MWW) blamed the dismal job market for swinging to a loss for the fourth quarter. The job search site also announced a $225 million all cash purchase of Yahoo's HotJobs.

MEMC Electronic Materials (NYSE: WFR) swung to a fourth quarter loss.

Although fourth quarter earnngs for Spirit AeroSystems (NYSE: SPR) more than doubled, the results fell far short of estimates.

In the broad market, declining issues edged out advancers by a margin of nearly 6 to 1 on the NYSE and by a margin of nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 602.

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This page contains a single entry by published on February 4, 2010 6:49 AM.

Markets Close Lower Over Disappointing Service Sector Growth was the previous entry in this blog.

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