Drop In Jobless Claims Lifts Markets To Higher Open
A drop in initial applications for unemployment benefits lifted the markets to a higher open with the Dow gaining 49 points to 11,946. Nasdaq added 4 points to 2636.
On the upside
Energy Transfer Equity (NYSE: ETE) will pay approximately $4.11 billion to acquire rival pipeline operator Southern Union (NYSE: SUG).
Kroger (NYSE: KR) reported higher first quarter earnings that beat analyst expectations as revenue rose prompting the grocery store chain to lift its full year outlook.
DG FastChannel (Nasdaq: DGIT) will pay approximately $418 million in cash to acquire MediaMind Technologies (Nasdaq: MDMD).
On the downside
Finisar (Nasdaq: FNSR) reported higher third quarter earnings but revenue fell short of analyst expectations and the optical networking equipment company forecast current quarter results below estimates.
Finisar's (Nasdaq: FNSR) disappointing results and outlook weighed down shares of rival optical networking company JDS Uniphase (Nasdaq: JDSU).
Investors locked in profits on Pandora (NYSE: P), which made its market debut yesterday.
