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.

About this Entry

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.

Concerns About Europe's Fiscal Health Sink Markets is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12