Jobless Claims Drop Less Than Expected, Markets Mixed

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The markets traded mixed during the midday with the Dow losing 24 points 12,605 as initial applications for unemployment benefits dropped less than expected last week. Nasdaq added 2 points to 2847.

On the upside

Shares of Discovery Laboratories (Nasdaq: DSCO) continued climbing after reporting a smaller first quarter loss yesterday.

Bargain hunters snapped up shares of MBIA (NYSE: MBI). The mortgage insurer disappointed with wider first quarter losses earlier this week.

Tyson Foods (NYSE: TSN) announced plans to repurchase up to 22.5 million common shares.

On the downside

STEC (Nasdaq: STEC) shares fell for a second day after the company forecast disappointing second quarter results. 

Falling gold prices weighed down shares of Jaguar Mining (NYSE: JAG).

Rochdale Securities analyst Dick Bove downgraded Goldman Sachs (NYSE: GS) to a Sell rating saying that the Department of Justice will likely file a criminal charges against the brokerage firm.

In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE while advancers edged out decliners by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 844.


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