Jobless Claims Rise, Markets Open Lower
An unexpected increase in first time applications for unemployment benefits weighed down the markets to a lower open with the Dow falling 38 points to 10,642. Nasdaq lost 9 points to 2294.
On the upside
GT Solar International (Nasdaq: SOLR) reported higher first quarter earnings that beat expectations by a wide margin and forecast full year results ahead of estimates.
News Corp. (Nasdaq: NWSA) reversed year ago losses to post a better than expected profit for the fourth quarter.
Second quarter earnings for MetroPCS Communications (NYSE: PCS) tripled as the company added new subscribers.
On the downside
Alexza Pharmaceuticals (Nasdaq: ALXA) will sell common shares and warrants in order to raise approximately $18 million.
Second quarter earnings plunged by more than half for Omnicare (NYSE: OCR) to fall far short of estimates as revenue dropped.
SandRidge Energy (NYSE: SD) swung to a second quarter profit but the company lowered its 2010 production guidance.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 660.
