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September 01, 2020 10:18am
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Jobless claims fall but markets open lower

First time applications for unemployment benefits fell but the markets opened lower with the Dow falling 40 points to 21,984 over concerns of moderate inflation. Nasdaq dropped 22 points to 6,322.


On the upside


Valeant Pharmaceuticals International (NYSE: VRX) has been working to resolve issues at its Bausch & Lomb manufacturing facility in Tampa, Florida and will receive a Voluntary Action Indicated classification from the Food and Drug Administration.


Alibaba (NYSE: BABA) reported sharply higher first quarter earnings and revenue that surpassed analyst expectations.


Gold Fields (NYSE: GFI) reported sharply lower earnings for the first half of the year but will pay a dividend of 40 cents per share.

On the downside


L Brands (NYSE: LB) reported lower second quarter earnings and revenue and forecast current quarter results below estimates.


GAIN Capital Holdings (NYSE: GCAP) priced its offering of $80 million in convertible senior notes.

NetApp (Nasdaq: NTAP) reported higher first quarter earnings and revenue but the stock price fell.


In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 fell 6 points to 2,462. Bitcoin soared $127 to $4455.


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