Drop In Jobless Claims Lifts Markets To Higher Open

A larger than expected drop in first time applications for unemployment benefits lifted the markets to a sharply higher open with the Dow soaring 150 points to 11,764. Nasdaq climbed 37 points to 2654.

On the upside

Capstone Turbine (Nasdaq: CPST) sold six additional C65s to a large natural gas producer.

United Community Banks (Nasdaq: UCBI) will raise $380 million through the sale of 22.5% of the company to institutional investors.

Star Scientific (Nasdaq: CIGX) announced the election of former chairman and chief executive of Circuit City and Carmax Richard L. Sharp to Star Scientific's board of directors.

On the downside

General Maritime (NYSE: GMR) warned of significant fourth quarter losses and delayed filing its annual report while the company attempts to restructure or refinance existing credit facilities.

Quicksilver Resources' (NYSE: KWK) largest shareholder, the Darden family, withdrew its $2.73 billion offer to take the company private.

Lululemon Athletica (Nasdaq: LULU) reported higher fourth quarter earnings that beat analyst expectations but warned that the company could not meet demand for its products and forecast first quarter revenue below estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points 792.

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