Jobless Claims Drop, Markets Open Higher


The markets opened higher with the Dow rising 27 points 12,587 as initial applications for unemployment benefits dropped. Nasdaq added 2 points to 2817.

On the upside

Petsmart (Nasdaq: PETM) reported higher first quarter earnings that beat analyst expectations prompting the company to raise its full year forecast.

A Seeking Alpha article said that rare earth metal prices are expected to rise due to increased demand and that MCP's (NYSE: MCP) margins will climb.

PURE Bioscience (Nasdaq: PURE) reported preliminary results that its patented silver dihydrogen citrate antimicrobial was effective in killing bacteria in the biofilm state.

On the downside

Fourth quarter earnings for SMART Technologies (Nasdaq: SMT) slipped to fall far short of analyst expectations. 

The Wall Street Journal reported that Big Lots (NYSE: BIG) is no longer for sale.

GameStop (NYSE: GME) reported higher first quarter earnings that topped estimates but the video game retailer warned that current quarter results will fall short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 834.

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This page contains a single entry by published on May 19, 2011 6:49 AM.

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