Jobless Claims Drop, Markets Open Higher
The markets opened modestly higher with the Dow rising 10 points to 13,256 as first time applications for unemployment benefits dropped more than expected. Nasdaq gained 10 points to 3024.
On the upside
Sprint (NYSE: S) will pay approximately $2.1 billion to acquired the remaining 49% stake in Clearwire (Nasdaq: CLWR) that it does not own.
The Minneapolis Star Tribune reported that Best Buy (NYSE: BBY) founder Richard Schulze was prepared to make a bid of up to $6 billion to the consumer electronics retailer.
Oncolytics Biotech (Nasdaq: ONCY) reported positive results from a Phase III clinical trial of its head and neck cancer treatment Reolysin.
On the downside
Harbinger Group (NYSE: HRG) priced its secondary offering of 20 million common shares at the discounted price of $7.50 per share.
CorEnergy Infrastructure Trust (NYSE: CORR) priced its public offering of 18.5 million common shares at the discounted price of $6 per share.
Hovnanian Enterprises (NYSE: HOV) narrowed fourth quarter losses but analysts remained concerned about the homebuilder's long term profitability.
In the broad market, declining issues outpaced advancer by a margin of nearly 10 to 9 on the NYSE while advancers outpaced decliners by more than 10 to 9 on Nasdaq. The broader S&P 500 index edged up a point to 1430.
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