Initial Jobless Claims Drop, Market Up
A greater than expected drop in initial jobless claims lifted the markets to a higher open with the Dow rising 17 points to 10,493. Nasdaq gained 8 points to 2277.

On the upside

The Food and Drug Adminstration accepted Questcor Pharmaceuticals' (Nasdaq: QCOR) filing to market it infantile spasm treatment Acthar and will make a decision by June 11, 2010.

Leerink Swann analyst Jason Gurda upgraded Tenet Healthcare (NYSE: THC) and lifted his price target for the hospital operator saying that passage of the Senate health care bill will boost revenue and margins.

PMI Group (NYSE: PMI) will receive a $51 million benefit after restructuring certain modified pool policies.

On the downside

General Steel Holdings (NYSE: GSI) will sell nearly 5.6 million common shares and warrants to purchase more than 2.7 million common shares to raise approximately $25 million.

Shares of Jackson Hewitt Tax Service (NYSE: JTX) dropped over Pacific Capital Bancorp's (Nasdaq: PCBC) announcement that it will sell its tax unit to a private equity fund. Pacific Capital's tax unit was going to offer nearly 75% of Jackson Hewitt's financial products.

Investors locked in profits on Compugen (Nasdaq: CGEN). Shares of the biotech firm nearly doubled after announcing a development deal with Pfizer (NYSE: PFE) yesterday.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 633.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here