Lower Open As Jobless Claims Rise
First time applications for unemployment benefits jumped more than expected last week to weigh the markets down to a lower open with the Dow losing 8 points to 12,279. Nasdaq eased a point to 2824.
On the upside
Rubicon Technology (Nasdaq: RBCN) reversed year ago losses to post a better than expected profit for the fourth quarter as revenue surged and forecast first quarter results well ahead of analyst estimates.
Williams Cos. (NYSE: WMB) reported higher fourth quarter earnings that beat expectations and announced that the company will split into two separate businesses.
Fourth quarter earnings surged for Weight Watchers International (NYSE: WTW) to surpass expectations as revenue climbed.
On the downside
Third quarter earnings climbed for NetApp (Nasdaq: NTAP) to beat expectations but revenue fell short and the company forecast fourth quarter earnings below estimates.
Liz Claiborne (NYSE: LIZ) narrowed fourth quarter losses but the apparel company forecast 2012 results below its previous guidance.CBS (NYSE: CBS) reported sharply higher fourth quarter earnings that topped estimates as advertising revenue climbed but the stock price fell.
In the broad market, declining issues outpaced advnacers by a margin of nearly 10 to 9 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 828.
