Jobless Claims Drop, Markets Open Up

First time applications for unemployment benefits fell more than expected last week to lift the markets to a higher open with the Dow gaining 53 points to 10,071. Nasdaq rose 9 points to 2168.

On the upside

Sun Bancorp (Nasdaq: SNBC) received an investment of $100 million from private equity funds affiliated with investor Wilbur Ross.

J.C. Penney (NYSE: JCP) reported a greater than expected 4.5% jump in June same store sales.

Same store sales leaped 9% for Abercrombie & Fitch (NYSE: ANF), well above analyst estimates.

On the downside

H&R Block (NYSE: HRB) chief executive Russ Smyth resigned prompting a downgrade.

While DragonWave (Nasdaq: DRWI) swung to a better than expected profit for the first quarter, revenue fell short of expectations and the company forecast disappointing second quarter results.

Oppenheimer downgraded Nanometrics (Nasdaq: NANO) and lowered its price target on the company.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 616.