Jobless Claims Rise, Markets Open Lower


An increase in first time applications for unemployment benefits weighed the markets down to a lower open with the Dow falling 50 points 12,344. Nasdaq added 4 points to 2765.

On the upside

Arena Pharmaceuticals (Nasdaq: ARNA) announced positive results from three Phase 3 clinical trials of its weight loss treatment lorcaserin.

First quarter earnings slipped for Guess (NYSE: GES) but revenue rose to surpass analyst expectations and the apparel retailer forecast full year results ahead of estimates.

SandRidge Energy (NYSE: SD) filed for the initial public offering of the newly formed SandRidge Permian Trust.

On the downside

Big Lots (NYSE: BIG) reported lower first quarter earnings, forecast current quarter results below analyst expectations and cut its full year guidance. 

Computer Sciences Corp. (NYSE: CSC) disappointed with lower fourth quarter earnings that fell short of analyst expectations.

Investors locked in profits on El Paso (NYSE: EP) whose shares surged after announcing a spin-off on Tuesday.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 818.

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This page contains a single entry by published on May 26, 2011 6:41 AM.

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