Markets Slip At Open As Jobless Claims Rise
Initial applications for unemployment benefits rose last week to weigh the markets down to a lower open with the Dow losing 27 points to 11,728. Nasdaq eased a point to 2735.
On the upside
Marathon Oil (NYSE: MRO) will spin off it refining business, which will be called Marathon Petroleum.
MarketWatch listed Curis (Nasdaq: CRIS) as one of five biotech stocks to own.
Spain successfully sold approximately 3 billion euros worth of five-year bonds to lift shares of Banco Bilbao Vizcaya Argentaria (NYSE: BBVA) and Banco Santander (NYSE: STD) higher.
On the downside
SemiLEDs (Nasdaq: LEDS) reported sharply higher first quarter earnings as revenue surged but the company warned that pricing pressures will negatively impact second quarter results.
Merck (NYSE: MRK) cited safety concerns for halting one clinical trial of its blood thinner vorapaxar and changing a second study.
DragonWave (NYSE: DRWI) disappointed with a loss for the third quarter and forecast fourth quarter revenue well below expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 800.
