Markets Rise As Unemployment Claims Drop

A sharp drop in pending home sales tempered news that initial applications for unemployment benefits fell last week. The markets traded modestly higher during the midday with the Dow adding 19 points to 10,415 while Nasdaq edged up a point to 2282.

On the upside

February same store sales leaped 11.2% for Zumiez (Nasdaq: ZUMZ) prompting upgrades.

Coldwater Creek (Nasdaq: CWTR) narrowed fourth quarter losses as sales rose to top estimates and the women's apparel retailer expects to post a profit for fiscal 2010.

An appeals court upheld a contempt ruling against Dish Network (Nasdaq: DISH) and EchoStar (Nasdaq: SATS) in a patent infringement case filed by TiVo (Nasdaq: TIVO).

On the downside

Angiotech Pharmaceuticals (Nasdaq: ANPI) disappointed with a fourth quarter loss.

Columbia Laboratories (Nasdaq: CBRX) sold the rights to its experimental premature birth prevention drug to Watson Pharmaceuticals (NYSE: WPI).

Fourth quarter results for Yamana Gold (NYSE: AUY) fell short of expectations.

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