Uptick In Unemployment Weighs Markets Down
November 02, 2012 at 05:46 AM EDT
A gain in the nation’s unemployment rate weighed the markets down during the midday with the Dow slipping 26 points to 13,206. Nasdaq lost 6 points to 3013.On the upsideDendreon (Nasdaq: DNDN) widened third quarter losses but revenue climbed as Provenge sales rose.TripAdvisor (Nasdaq: TRIP) reported higher third quarter earnings that topped analyst estimates as revenue climbed.Shares of Restoration Hardware (NYSE: RH) soared in its market debut. On the downsidePitney Bowes (NYSE: PBI) disappointed with sharply lower third quarter earnings and revenue that fell short of expectations.Skyworks Solutions (Nasdaq: SWKS) reported higher fourth quarter earnings and revenue but the company forecast current quarter earnings below estimates.Glu Mobile (Nasdaq: GLUU) narrowed third quarter losses as revenue soared but the company warned of larger than expected losses for the current quarter prompting downgrades.In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 822.
