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Higher Open As Jobless Claims Slip
Posted on May 24, 2012 at 10:42 AM EDT
First time applications for unemployment benefits slipped more than expected last week to lift the markets to a higher open with the Dow rising 33 points to 12,530. Nasdaq added 2 points to 2853.
On the upside
Hewlett-Packard (NYSE: HPQ) reported lower second quarter revenue and earnings but the results beat expectations and the company announced plans to eliminate 27,000 positions in order to save $3 billion per year.
Pandora Media (NYSE: P) widened first quarter losses but the results were better than expected and the online radio service forecast full year results ahead of estimates.
On the downside
Analysts downgraded NetApp (Nasdaq: NTAP) after the company forecast first quarter results well below expectations.
Tiffany & Co. (NYSE: TIF) reported flat first quarter earnings that missed estimates and cut its full year earnings and revenue guidance.
A Seeking Alpha contributor wrote that EMC (NYSE: EMC) had an upside potential of 10% but the stock price fell.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by a more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 763.
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