Lower Open As Unemployment Ticks Up
November 02, 2012 at 02:43 AM EDT
The markets opened lower with the Dow losing 38 points to 13,194 as the nation’s unemployment rate ticked up despite the addition of 171,000 jobs last month. Nasdaq slipped 7 points to 3012.On the upsideStarbucks (Nasdaq: SBUX) reported fourth quarter earnings that topped analyst estimates and lifted its full year guidance.Starboard Value acquired a 15.9% stake in Quantum (NYSE: QTM).Alpha Natural Resources (NYSE: ANR) fell to a loss for the third quarter but the results were better than expected. On the downsideProspect Capital (Nasdaq: PSEC) priced its public offering of 35 million common shares.The Active Network (NYSE: ACTV) widened third quarter losses and forecast current quarter revenue below expectations.Alcatel-Lucent (NYSE: ALU) disappointed with a greater than expected loss for the third quarter.In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 823.
