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Unemployment Rates Drops Despite Unexpected Job Losses
Friday February 05, 2010 - 08:49 AM EST
Despite an unexpected loss of 20,000 jobs in January, the unemployement rate dropped to 9.7%, the lowest level in five months. The markets opened lower with the Dow falling 49 points to 9952 while Nasdaq lost 7 points to 2117.
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Despite an unexpected loss of 20,000 jobs in January, the unemployement rate dropped to 9.7%, the lowest level in five months. The markets opened lower with the Dow falling 49 points to 9952 while Nasdaq lost 7 points to 2117.
On the upside Air Products and Chemicals (NYSE: APD) offered approximately $5.1 billion in cash to acquire Airgas (NYSE: ARG). Tyson Foods (NYSE: TSN) reversed year ago losses to post a greater than expected profit for the first quarter as revenue rose. Fourth quarter earnings for Power-One (Nasdaq: PWER) more than doubled as sales climbed. On the downside Phase Forward (Nasdaq: PFWD) blamed impairment charges for swinging to a fourth quarter loss. While Corning (NYSE: GLW) said that sales of liquid crystal display televisions, laptops and handheld devices are expected to be strong in 2010, the company failed to offer a full year outlook. NIC (Nasdaq: EGOV) disappointed with lower fourth quarter earnings that fell short of expectations. In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by a margin of nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 585.
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