First time applications for unemployment benefits fell last week to lift the markets to a modestly higher open with the Dow rising 22 points to 16,063. Nasdaq added 4 points to 4242.
On the upside
Tesla Motors (Nasdaq: TSLA) narrowed fourth quarter losses more than expected and forecast sharply higher production of its Model S sedan than analyst estimates.
Raptor Pharmaceuticals (Nasdaq: RPTP) reported positive interim results from a Phase 2/3 clinical trial of its Huntington’s Disease treatment RP103.
Portfolio Recovery Associates (Nasdaq: PRAA) reported higher fourth quarter earnings as revenue rose and announced that it would pay approximately $880 million to buy Aktiv Kapital.
On the downside
Conn’s (Nasdaq: CONN) reported preliminary fourth quarter earnings that fell far short of analyst expectations.
Goodrich Petroleum (NYSE: GDP) reported a greater than expected loss for the fourth quarter as revenue fell short of estimates.
Yandex (Nasdaq: YNDX) reported higher fourth quarter earnings and revenue but the company forecast slowing growth in 2014.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE while advancers edged out decliners by nearly 10 to 9 on Nasdaq. The broader S&P 500 added 2 points to 1830. Bitcoin plunged $125.31 or 92.20% to $135.92.
