Investors Question Drop In Unemployment Rate
The markets traded mixed during the midday with the Dow climbing 58 points to 13,132 as investors questioned the drop in the nation's unemployment rate to a four year low of 7.7%. Nasdaq fell 11 points to 2977.
On the upside
Groupon (Nasdaq: GRPN) chief executive Andrew Mason admitted the possibility that the board might have discussed firing him due to the sharp 80% plunge in share price this year.
A Seeking Alpha contributor suggested that Avon (NYSE: AVP) may be interested in buying skin care products company Obagi Medical Products (Nasdaq: OMPI).
SandRidge Energy (NYSE: SD) continued climbing after shareholder TPG-Axon Capital proposed changes to the company's board through a website.
On the downside
Webster Financial (NYSE: WBS) announced a secondary offering of 10 million shares of company stock at the discounted price of $20.10 per share.
The U. S. Attorney and the Securities and Exchange Commission launched investigations into the sale of $10 million worth of Big Lots (NYSE: BIG) stock by company chief executive Steven Fishman a month before the closeout retailer reported an unexpected quarterly loss.
Ritchie Bros. (NYSE: RBA) sold more than $73 million worth of industrial equipment through two auctions in Canada this week but the stock price dropped.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 821.
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