Lower Open As Jobless Claims Unexpectedly Climb


An unexpected jump in first time applications for unemployment benefits weighed the markets down to a lower open with the Dow dropping 77 points 12,645. Nasdaq slipped 5 points to 2822.

On the upside

Privately held INC Research offered approximately $232 million in cash to acquire Kendle International (Nasdaq: KNDL).

JDS Uniphase (Nasdaq: JDSU) reversed year ago losses to post a better than expected profit for the third quarter as revenue surged.

ON Semiconductor (Nasdaq: ONNN) reported higher first quarter earnings as revenue soared.

On the downside

Lloyds Banking Group (NYSE: LYG) blamed significant provisions for payment protection insurance for swinging to a much greater than expected loss first quarter. 

Aeropostale (NYSE: ARO) reported a 7% drop in same store sales for the first quarter and cut its earnings outlook.

PMI Group (NYSE: PMI) narrowed first quarter losses but the stock price fell.

In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 831.

About this Entry

This page contains a single entry by published on May 5, 2011 6:41 AM.

Disappointing Jobs Data Weigh Markets Down To Lower Close was the previous entry in this blog.

Markets Mixed As Oil Prices Fall is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12