Jump In Jobless Claims Weighs Down Markets
A jump in new jobless claims sent the markets down to a lower open with the Dow falling 64 points to 10,345. Nasdaq lost 15 points to 2291.
On the upside
First quarter earnings for Kroger (NYSE: KR) fell as expenses climbed but the results topped analyst estimates.
Pier 1 Imports (NYSE: PIR) reported an unexpected profit for the first quarter as revenue rose.
J. M. Smucker (NYSE: SJM) reported higher fourth quarter earnings and forecast 2011 results above analyst expectations.
On the downside
Credit Suisse downgraded DryShips (Nasdaq: DRYS) and cut its price target on the company saying that the Gulf of Mexico oil spill will negatively impact its deepwater oil drilling division.
Duke Realty (NYSE: DRE) priced its offering of 23 million common shares at $11.75 per share.
Toll Brothers (NYSE: TOL) said that per community deposits, traffic and signed contracts have all fallen.
In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 666.
