An unexpected increase in first time applications for unemployment benefits weighed the markets down to a lower open with the Dow falling 42 points to 16,538. Nasdaq slipped 3 points to 4,111.
On the upside
Merrimack Pharmaceuticals (Nasdaq: MACK) reported positive results from a Phase 3 trial of its post-gemcitabine metastatic pancreatic cancer treatment MM-398 in combination with 5-flourouracil and leucovorin.
Catamaran (Nasdaq: CTRX) reported higher first quarter earnings and revenue that beat analyst expectations.
First quarter earnings and revenue fell for Weight Watchers International (NYSE: WTW) but the results were better than expected prompting the company to lift its full year earnings outlook.
On the downside
Avon (NYSE: AVP) widened first quarter losses more than expected as revenue dropped and agreed to pay $135 million to settle bribery charges.
JDS Uniphase (Nasdaq: JDSU) narrowed first quarter losses as revenue rose but the results fell short of analyst expectations and the company forecast fourth quarter results that missed estimates.
Capstone Turbine (Nasdaq: CPST) will sell 18.825 million shares of common stock at the discounted price of $1.70 per share.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 lost 4 points to 1879. Bitcoin added $2.81 or 0.63% to $446.30.
