Incomes Rise Due To Unemployment Benefit Extensions, Markets Mixed
The markets opened mixed with the Dow adding 6 points to 10,795 while Nasdaq slipped 3 points to 2365 as incomes rose but the gain was fueled by the extension of unemployment benefits.
On the upside
The Wall Street Journal reported that Gymboree (Nasdaq: GYMB) was exploring the option of selling itself.
Accenture (NYSE: ACN) reported higher fourth quarter earnings that topped analyst estimates as revenue rose. The managment consulting firm also lifted its semi-annual dividend and raised its fiscal 2011 outlook.
BP (NYSE: BP) used its Gulf of Mexico oil field assets as collateral for the $20 billion victims fund the company created for the worst oil spill in the nation's history.
On the downside
Teekay Tankers (NYSE: TNK) priced its public offering of 8.2 million common shares at $12.15 per share.
The Law Offices of Robbins Umeda LLP and Levetown & Jenkins LLP are both investigating Green Mountain Coffee Roasters (Nasdaq: GMCR) for possible breach of fiduciary duties.
Auriga analyst Mark Bachman downgraded JA Solar (Nasdaq: JASO) saying that the stock price climbed above his price target of $8.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 680.
