Investors Embrace Drop In Jobless Claims, Markets Close Up

March 4, 2010 1:30 PM |
A greater than expected drop in first time jobless applications cheered investors who lifted that markets to a higher close with the Dow climbing 47 points to 10,444. Nasdaq gained 11 points to 2292.

 

On the upside

Fourth quarter earnings for Bell Microproducts (Nasdaq: BELM) more than doubled to top analyst estimates as revenue rose.

Family Dollar Stores (NYSE: FDO) reported higher February same store sales and lifted its outlook for the second quarter.

American International Group (NYSE: AIG) is close to resolving a tax issue that was stalling the $15 billion sale the company's foreign life insurance unit to MetLife (NYSE: MET).

On the downside

Celldex (Nasdaq: CLDX) widened fourth quarter losses due to acquisition related charges.

While second quarter earnings for Comtech Telecommunications (Nasdaq: CMTL) rose, revenue fell short of estimates and the communication solutions company cut its 2010 guidance.

Goldman Sachs analyst Steven Kent cited the sluggish economy for downgrading the gaming equipment sector sending shares of Bally Technologies (NYSE: BYI) tumbling.

In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 652.

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This page contains a single entry by published on March 4, 2010 1:30 PM.

Markets Rise As Unemployment Claims Drop was the previous entry in this blog.

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