Jobless Claims Drop Less Than Expected, Markets Mixed


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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