A greater than expected drop in first time applications for unemployment benefits lifted the markets to a higher open with the Dow rising 39 points to 14,842. Nasdaq added a point to 3298.
On the upside
Rite Aid (NYSE: RAD) reversed year ago losses to post a profit for the fourth quarter. The nation's third largest drugstore chain also reported its first annual profit in six years.
The Food and Drug Administration will allow Acadia Pharmaceuticals (Nasdaq: ACAD) to file an expedited New Drug Application for its Parkinson's disease psychosis treatment pimavanserin.
Morgan Stanley upgraded Boyd Gaming (NYSE: BYD) from an Equal Weight rating to an Overweight rating and lifted its price target to $12.
On the downside
A record 14% drop in global personal computer shipments sent shares of Hewlett-Packard (NYSE: HPQ) tumbling.
Fortinet (Nasdaq: FTNT) reported preliminary first quarter earnings and revenue that missed expectations prompting downgrades.
71.4% of respondents to a Raymond James survey gauging intentions to buy a smartphone said that they would never purchase a Blackberry (Nasdaq: BBRY).
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by nearly 9 to 7 on Nasdaq. The broader S&P 500 index rose 4 points to 1592.
