Disappointingly Small Drop In Jobless Claims Weighs Down Markets
The markets traded lower during the midday with the Dow falling 82 points to 13,043 after first time applications for unemployment benefits fell less than expected. Nasdaq dropped 31 points to 3073.
On the upside
The Paragon Report issued an equity research report on Arena Pharmaceuticals (Nasdaq: ARNA) noting that the company's Lorcaserin may be the first weight loss treatment to be approved in 13 years.
Bernstein Research analyst Ana Gupta expects Aetna (NYSE: AET) and UnitedHealth (NYSE: UNH) to benefit when the Supreme Court rules on the constitutionality of the Patient Protection and Affordable Care Act.
Shares of e-commerce site CafePress (Nasdaq: PRSS) climbed on its first trading day.
On the downside
Mechel (NYSE: MTL) warned that it will not be able to meet certain financial obligations and engaged in discussions to waive debt covenants.
Big Lots (NYSE: BIG) chief executive Steven Fishman sold shares of company stock.
S&P Capital IQ downgraded PulteGroup (NYSE: PHM) to a Sell rating.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 10 points to 823.