Lower Open As Unemployment Ticks Up
The markets opened lower with the Dow losing 38 points to 13,194 as the nation's unemployment rate ticked up despite the addition of 171,000 jobs last month. Nasdaq slipped 7 points to 3012.
On the upside
Starbucks (Nasdaq: SBUX) reported fourth quarter earnings that topped analyst estimates and lifted its full year guidance.
Starboard Value acquired a 15.9% stake in Quantum (NYSE: QTM).
Alpha Natural Resources (NYSE: ANR) fell to a loss for the third quarter but the results were better than expected. On the downside
Prospect Capital (Nasdaq: PSEC) priced its public offering of 35 million common shares.
The Active Network (NYSE: ACTV) widened third quarter losses and forecast current quarter revenue below expectations.
Alcatel-Lucent (NYSE: ALU) disappointed with a greater than expected loss for the third quarter.
In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 823.
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