Stocks slipped as investors mulled over the latest increase in jobless claims over the 400,000 threshold. The Dow lost 37 points to 12,008 while Nasdaq moved back into the positive with a 2 point gain at 2622.
On the upside
Clearwire (Nasdaq: CLWR) entered a financing partnership with Sprint (NYSE: S) to receive $1.6 billion over the next four years. The funds assure that Clearwire can make its next interest payment.
The Bon-Ton Stores (Nasdaq: BONT) reported lower November sales due to weak sales of its cold weather merchandise. However, investors focused on the record Black Friday results and hoped that possible windstorms may fan coat sales in December.
S&P downgraded bond insurer Assured Guaranty (NYSE: AGO) to A-minus, but investors were assured by a stable rating outlook.
On the downside
Barnes & Noble (NYSE: BKS) posted lower than expected revenues along with a $6.6 million net loss for the latest quarter. Nook Tablet sales was the major bright spot.
Shares of Finisar (Nasdaq: FNSR) skidded after the fiber optic components maker posted lower income and expected 3rd quarter results to miss targets.
UTI Worldwide (Nasdsaq: UTIW) posetd slightly higher revenues, but air freight volume remained weak particular in the month of October.
the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by a margin of nearly 2 to 1 on Nasdaq.
The Russell 2000 which tracks small cap stocks gave up 4 points to 732.