The markets traded mixed during the midday as the nation's unemployment rate slipped even as employers eliminated jobs. The Dow gained 31 points to 13,041 while Nasdaq lost 10 points to 2471.
On the upside
Second quarter earnings for Dolby (NYSE: DLB) rose to surpass expectations as sales surged prompting the company to lift its full year outlook.
After Walter Industries (Nasdaq: WLT) reported sharply lower first quarter earnings due to the collapse of the housing market, the company said that it will spin off its homebuilding and financing units.
On the downside
The Food and Drug Administration requested that Discovery Laboratories (Nasdaq: DSCO) provide more information on its premature infant respiratory distress syndrome medication Surfaxin.
Although Magma Design Automation (Nasdaq: LAVA) narrowed fourth quarter losses as expenses dropped, the company forecast first quarter results far short of expectations prompting a downgrade.Dynamic Materials (Nasdaq: BOOM) reported modestly higher first quarter income but provided a disappointing full year outlook prompting a downgrade.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 730.