Jobless claims drop but markets close lower

First time applications for unemployment benefits unexpectedly dropped last week but the markets closed lower with the Dow dropping 77 points to 18,517. Nasdaq lost 16 points to 5,073.


On the upside


Shares of Kingtone Wirelessinfo Solutions (Nasdaq: KONE) more than quadrupled after an article in The Economist said that China could lead the development and commercialization of products for the industrial internet of things.


Top Ships (Nasdaq: TOPS) stock soared for the fourth day.


Imax (NYSE: IMAX) reported better than expected earnings for the second quarter.


On the downside


Essendant (Nasdaq: ESND) disappointed with lower second quarter earnings that fell short of expectations.


Investors locked in profits on Ocean Power Technologies (Nasdaq: OPTT).


Retreating crude oil prices weighed down shares of Stone Energy (NYSE: SGY).


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 5 on the NYSE and by 5 to 3 on Nasdaq. The broader S&P 500 fell 7 points to 2,165. Bitcoin added $2 to $662.

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