While initial applications for unemployment benefits fell more than analysts expected, investors were hoping for an even greater drop. The markets closed lower with the Dow slipping 30 points to 10,467 while Nasdaq lost 12 points to 2251.
On the upside
Questcor Pharmaceuticals (Nasdaq: QCOR) reported record revenue for the second quarter.
Shares of Molycorp (NYSE: MCP) surged on its first trading day.
Ameriprise Financial (NYSE: AMP) reported second quarter earnings that nearly tripled to surpass analyst expectations by a wide margin as revenue soared.
On the downside
Neutral Tandem (Nasdaq: TNDM) disappointed with lower second quarter earnings that fell short of expectations.
Second quarter earnings fell for Arris Group (Nasdaq: ARRS) to miss expectations.
Covance (NYSE: CVD) reported lower second quarter earnings and forecast third quarter income well below expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 650.
