Jobless Claims Drop, Markets Open Higher
A drop in first time applications for unemployment benefits lifted the markets to a higher open with the Dow gaining 74 points to 13,152. Nasdaq climbed 17 points to 2999.
On the upside
McKesson (NYSE: MCK) will acquire PSS World Medical (Nasdaq: PSSI) in a deal valued at approximately $2.1 billion including the assumption of debt.
Zynga (Nasdaq: ZNGA) fell to a loss for the third quarter but revenue rose to top analyst estimates.
Symantec (Nasdaq: SYMC) reported higher second quarter earnings and revenue that beat analyst expectations.
On the downside
Spirit AeroSystems (NYSE: SPR) warned that pretax charges will total approximately $590 million in the third quarter and announced the settlement of all claims related to a severe weather event on April 14, 2012 at its Wichita, Kansas facility.
Crocs (Nasdaq: CROX) reported higher third quarter earnings but the plastic shoe maker forecast current quarter results below estimates.
F5 Networks (Nasdaq: FFIV) reported flat fourth quarter earnings that missed expectations and forecast first quarter results that fell short of analyst estimates.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 817.
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