Drop In Unemployment Rate Lifts Markets To Higher Close
Investors welcomed a drop in the nation's unemployment rate to lift the markets to a modestly higher close with the Dow rising 29 points to 12,092. Nasdaq gained 15 points 2769.
On the upside
First quarter earnings soared for Tyson Foods (NYSE: TSN) to surpass estimates by a wide margin.
Opnext (Nasdaq: OPXT) narrowed third quarter losses as revenue climbed prompting the fiber optic communication network company to raise its fourth quarter revenue guidance above analyst expectations.
Silicon Image (NYSE: SIMG) reversed year ago losses to post a profit for the fourth quarter.
On the downside
Hovnanian Enterprises (NYSE: HOV) priced its offering of common stock at $4.30 per share.
KB Homes (NYSE: KBH) may be forced to repay a $180 million loan from South Edge.Teekay Tankers (NYSE: TNK) priced its offering of 8.6 million common shares at $11.33 per share.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 800.
