Markets Mixed As Jobless Claims Climb
The markets traded mixed during the midday with the Dow gaining 49 points to 12,740 as investors digested news that initial applications for unemployment benefits unexpectedly rose last week. Nasdaq slipped 5 points to 2864.
On the upside
Gulf Resources (Nasdaq: GFRE) disputed allegations of false SEC filings made by Glaucus Research.
First quarter earnings fell for LSI (NYSE: LSI) but the results topped analyst estimates.
Allstate (NYSE: ALL) reported first quarter earnings that surged more than four times to surpass expectations as catastrophe losses dropped.
On the downside
Teradyne (NYSE: TER) reported higher first quarter earnings as revenue rose prompting an upgrade but the stock price tumbled.
Liz Claiborne (NYSE: LIZ) widened first quarter losses more than expected as the clothing company transitioned to a licensing model for its Liz Claiborne brand.
Axcelis Technologies (Nasdaq: ACLS) reversed year ago losses to post a profit for the first quarter but the results fell short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE while decliners edged out advancers by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 857.
