Lower Open Even As Jobless Claims Drop
Despite a greater than expected drop in initial applications for unemployment benefits, the markets opened lower with the Dow falling 43 points to 11,782. Nasdaq dropped 18 points to 2706.
On the upside
Wendy's/Arby's (NYSE: WEN) retained the services of UBS to explore the possible sale of Arby's.
Fourth quarter earnings fell for eBay (Nasdaq: EBAY) but the results topped analyst estimates.
Dillard's (NYSE: DDS) announced that it will form a real estate investment trust subsidiary.
On the downside
The Food and Drug Administration refused to approve Mannkind's (Nasdaq: MNKD) inhaled insulin Afrezza and requested additional studies of the diabetes treatment.
F5 Networks (Nasdaq: FFIV) reported higher first quarter earnings and revenue but revenue fell short of expectations.Isle of Capri Casinos (Nasdaq: ISLE) priced its offering of 5.3 million common shares at $10.25 per share.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 782.
