Initial applications for unemployment benefits unexpectedly rose last week to send the markets down to a lower open with the Dow losing 55 points to 10,323. Nasdaq dropped 22 points to 2186.
On the upside
Brinker International (NYSE: EAT) reported higher fourth quarter earnings as revenue rose while expenses fell.
Auriga U.S.A. upgraded JA Solar (Nasdaq: JASO).
Cott (NYSE: COT) priced its public offering of 11.6 million common shares at $5.60 per share.
On the downside
Aegean Marine Petroleum (NYSE: ANW) blamed increased expenses for lower second quarter earnings that fell short of expectations.
Auriga U.S.A. downgraded JDS Uniphase (Nasdaq: JDSU).
Shares of Cisco (Nasdaq: CSCO) continued falling after reporting revenue that fell short of expectations and warning of a challenging economic environment.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by nearly 8 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 25 points to 620.
