Disappointing Gain In Jobless Claims Sends Markets Tumbling

The markets dropped to close lower with the Dow plummeting 132 points to 10,308 over a disappointing rise in unemployment applications. Nasdaq tumbled 26 points to 2180.

On the upside

Sonic Solutions (Nasdaq: SNIC) will raise approximately $30 million through the sale of common stock.

Maguire Properties (NYSE: MPG) completed the sale of is Lantana Media Entertainment Campus to the Lionstone Group.

Winnebago (NYSE: WGO) narrowed first quarter losses as revenue rose.

On the downside

Nanometrics (Nasdaq: NANO) priced its offering of 2 million shares at $11 per share.

Discover Financial Services (Nasdaq: DFS) disappointed with lower fourth quarter earnings as credit card loan losses rose.

TAM (NYSE: TAM) partnered with Itau bank to allow banking clients to pay for airline tickets through monthly installments.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 604.

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