Jobless Claims Drop, Markets Open Higher
September 27, 2012 at 02:45 AM EDT
A drop in first time applications for unemployment benefits lifted the markets to a higher open with the Dow rising 13 points to 13,427. Nasdaq gained 14 points to 3108.On the upsideTempur-Pedic (NYSE: TPX) will pay a premium of approximately $242 million to acquire Sealy (NYSE: ZZ). Alpha Natural Resources (NYSE: ANR) will offer approximately $500 million in senior notes.Royale Energy (Nasdaq: ROYL) said that test wells in the Prudhoe Bay oil field in Alaska successfully discovered oil.On the downsidePeregrine Pharmaceuticals (Nasdaq: PPHM) has enough capital to run operations until April 2013.Shares of Savient Pharmaceuticals (NYSE: SVNT) continued falling after announcing grants made to chief financial officer John P. Hamill.Robbins Geller Rudman & Dowd filed a class action lawsuit against Questcor Pharmaceuticals (Nasdaq: QCOR) alleging securities fraud.In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 835.
