Job Losses Greater Than Expected, Markets Open Mixed
More jobs than expected were lost in September but the nation's unemployment rate held steady at 9.6%. The markets opened mixed with the Dow rising 21 points to 10,969 while Nasdaq slipped 3 points to 2380.
On the upside
Alcoa (NYSE: AA) reported lower third quarter earnings but the results topped analyst estimates and the aluminum producer lifted its full year global aluminum demand forecast.
Gleacher & Co. analyst Brian Marshall initiated coverage of Quantum (NYSE: QTM) with a Buy rating and set a $4 price target on the stock.
Pershing Square Capital purchased a 16.8% stake in J. C. Penney (NYSE: JCP).
On the downside
Kulicke & Soffa (Nasdaq: KLIC) blamed industry weakness for warning that first quarter revenue will be sharply lower than fourth quarter revenue.
Citigroup cited valuation concerns for downgrading Motorola (NYSE: MOT).
Navios Maritime Partners (NYSE: NMM) will offer 5.5 million common units through a public offering.
In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 7 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq.
