Mixed Markets As Jobless Claims Rise
The markets traded mixed during the midday with the Dow losing 15 points to 13,894 as applications for unemployment benefits rose. Nasdaq added 4 points to 3146.
On the upside
Fortinet (Nasdaq: FTNT) reported higher fourth quarter earnings and revenue that surpassed analyst expectations.
First quarter earnings and revenue rose for Skyworks Solutions (Nasdaq: SWKS) to top analyst estimates and the company forecast current quarter revenue ahead of expectations.
Pitney Bowes (NYSE: PBI) reported sharply lower fourth quarter earnings but the results were better than expected.
On the downside
The Justice Department sued to block Anheuser-Busch InBev's (NYSE: BUD) deal to acquire Grupo Modelo which could jeopardize Constellation Brands' (NYSE: STZ) deal to purchase Crown Imports. Liquidity Services (Nasdaq: LQDT) reported lower first quarter earnings and cut its full year forecast.
Wedbush downgraded Halozyme Therapeutics (Nasdaq: HALO) yesterday to a Neutral rating.
In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by more than 7 to 5 on Nasdaq. The broader S&P 500 index eased a point to 1500.
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