Jobless Claims Tumble, Markets Close Higher
Investors welcomed a sharp drop in jobless claims by lifting the markets to a higher close with the Dow gaining 84 points to 13,596. Nasdaq climbed 18 points to 3136.
On the upside
The Food and Drug Administration was supposed to complete the review process of NuPathe's (Nasdaq: PATH) Zecurity transdermal patch to treat acute migraine headaches today.
Clear Channel (NYSE: CCO) is one of Abrams Capital Management's top four small cap holdings.
Nautilus (NYSE: NLS) reported higher preliminary fourth quarter earnings and revenue.
On the downside
Solazyme (Nasdaq: SZYM) will offer $100 million in convertible senior subordinated notes. Theravance (Nasdaq: THRX) will offer $250 million in convertible senior subordinated notes.
Jefferies & Co. downgraded Leap Wireless (Nasdaq: LEAP) to an Underperform rating.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 index rose 8 points 1480.
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