Mixed Open As Jobless Claims Rise Less Than Expected
The opened mixed with the Dow slipping 18 points to 12,952 while Nasdaq gained 13 points to 2933 as first time applications for unemployment benefits rose less than expected.
On the upside
Green Mountain Coffee Roasters (Nasdaq: GMCR) reported higher third quarter earnings that topped analyst estimates as revenue climbed and announced a stock repurchase plan.
Gilead Sciences (Nasdaq: GILD) will partner with Indian manufacturers to produce low-cost generic versions of its HIV treatment emtricitabine for developing countries.
First Solar (Nasdaq: FSLR) reported sharply higher second quarter earnings that surpassed expectations by a wide margin as revenue soared and lifted its full year guidance.
On the downside
Knight Capital Group (NYSE: KCG) blamed a new trading software program for incurring a $440 million loss yesterday from erroneous transactions and said that the broker must raise capital.
MGIC Investment (NYSE: MTG) widened second quarter losses more than expected and must raise $200 million in order to comply with the maximum regulatory risk-to-capital ratio.
The Food and Drug Administration rejected Halozyme Therapeutics' (Nasdaq: HALO) HyQ citing safety concerns.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE while advancers edged out decliners by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 772.
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