Lower Open As Jobless Claims Unexpectedly Climb

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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.


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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.

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