The markets traded mixed during the midday as higher jobless claims tempered enthusiasm from upbeat earnings news with the Dow falling 47 points to 13,1604. Nasdaq gained 8 points to 2609.

On the upside

Pier 1 Imports (NYSE: PIR) narrowed third quarter losses as expenses dropped prompting an upgrade.

Sunrise Senior Living (NYSE: SRZ) dismissed three finance executives after a probe uncovered improper accounting practices. Financial results from 1999 through 2005 will be restated.

Bally Technologies (NYSE: BYI) reported higher first quarter earnings that beat expectations by ten cents and forecast 2008 results above estimates.

On the downside

Analysts downgraded Altus Pharmaceuticals (Nasdaq: ALTU) after the company terminated its partnership with Genentech (NYSE: DNA) to develop and market its human growth hormone ALTU-238.

Array BioPharma (Nasdaq: ARRY) reported that its cancer treatment ARRY-886 failed three separate clinical trials.

Piper Jaffray analyst Jesse Pichel downgraded LDK Solar (NYSE: LDK) despite higher than expected third quarter revenue as gross margins tumbled.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by a margin of more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 753.