Unexpected drop in jobless claims lifts markets

An unexpected drop in first time applications for unemployment benefits lifted the markets to a higher open with the Dow gaining 42 points to 18,066. Nasdaq rose 17 points to 4,782.

On the upside

The Food and Drug Administration approved Actavis' (NYSE: ACT) and Adamas Pharmaceuticals' (Nasdaq: ADMS) dementia treatment Namzaric.

Bargain hunters lifted shares of Achillion Pharmaceuticals (Nasdaq: ACHN).

Shares of NQ Mobile (NYSE: NQ) extended its gains.

On the downside

Herzfeld Caribbean Basin Fund (Nasdaq: CUBA) president Thomas Herzfeld sold 200,000 shares of company stock.

CalAmp (Nasdaq: CAMP) reported a slight drop in third quarter earnings and revenue and forecast current quarter revenue that fell short of analyst expectations.

Retreating crude oil prices weighed down shares of Energy XXI (Nasdaq: EXXI).

In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE while advancing issues edged out decliners by more than 10 to 9 on Nasdaq. The broader S&P 500 added 2 points to 2084. Bitcoin slipped $4 to $328.
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