Lower open as investors take profits

Jobless claims unexpectedly dropped to its lowest level since the recession but the markets opened lower with the Dow falling 72 points to 16,922 as investors locked in profits from yesterday's rally. Nasdaq lost 25 points to 4,443.

On the upside

Endo International (Nasdaq: ENDP) offered to buy Auxilium Pharmaceuticals (Nasdaq: AUXL) in a cash and stock deal valued at approximately $2.6 billion.

GT Advanced (NYSE: GTAT) requested that a bankruptcy court keep sealed certain documents related to a third party in order to avoid paying damages that would be incurred by breaching confidentiality agreements.

Arrowhead Research (Nasdaq: ARWR) issued an open letter to shareholders clarifying recent events.

On the downside

The Gap (NYSE: GPS) chief executive Glenn Murphy will retire in February and will be replaced by Art Peck. Analysts downgraded the retailer.

Kofax (Nasdaq: KFX) reported preliminary first quarter results that missed expectations and lowered its full year forecast.

J.C. Penney (NYSE: JCP) extended its losses.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 7 to 2 on Nasdaq. The broader S&P 500 lost 7 points to 1961. Bitcoin gained $17 to $368.