February 21, 2013 at 09:42 AM EST
Jobless Claims Rise, Markets Open Lower
Jobless claims rose more than expected last week to weigh the markets down to a lower open with the Dow falling 63 points to 13,864. Nasdaq dropped 21 points to 3143.
On the upside
The Food and Drug Administration recommended that Repros Therapeutics (Nasdaq: RPRX) proceed with a phase 3 study of Androxal.
Linn Energy will pay approximately $2.5 billion in stock to acquire Berry Petroleum (NYSE: BRY).
On the downside
VeriFone Systems (NYSE: PAY) warned that first quarter earnings and revenue would fall far short of analyst expectations and forecast current quarter results that missed estimates.
Forest Oil (NYSE: FST) fell to a loss for the fourth quarter as revenue fell.
Tesla Motors (Nasdaq: TSLA) widened fourth quarter losses.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 index fell 7 points to 1504.
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