Benzinga Mid-Morning Market Update
Following the market opening Thursday morning, the Dow was down about 0.46 percent, or roughly 62.45 points. The NASDAQ fell about 0.71 percent, or 22.58 points, while the S&P traded down 0.72 percent, decreasing 20.57 points.
Questcore Pharmaceuticals (NASDAQ: QCOR) gained 11.57 percent in early trading, regaining some of its massive losses sustained yesterday following Aetna's (NYSE: AET) announcement that they would limit coverage of its product.
Steelcase (NYSE: SCS) shares rallied Thursday morning as well, gaining 5.03 percent trading around $10.03 following its earnings beat after the close on Wednesday.
Conagra Foods (NYSE: CAG) also enjoyed an early rally as shares traded up 7.00 percent around $27.45 following a sizeable earnings beat before market opening.
Shares Bed Bath & Beyond (NASDQ: BBBY) fell 8.43 percent, trading around $62.99 following its earnings miss Wednesday.
J.C. Penney (NYSE: JCP) also fell, trading down 7.63 percent around $26.87 after Piper Jaffray reiterated its Neutral rating, stating that it was still cautious about the company's recent innovations.
CLARCOR (NYSE: CLC) dropped 7.26 percent, trading down to $45.97 following disappointing earnings.
In economic reports, Initial Jobless claims came in at 382,000, above the estimated 375,000 but below the previous figure of 385,000. Continuing Jobless claims came in at 3.272 million, slightly below the estimated 3.3 million, and below the prior report of 3.304 million. The Markit USA PMI Preliminary figure came in at 51.5, exactly the estimated figure. The Philadelphia Fed Manufacturing Index also was reported, coming in at -1.9, much higher than the expected -4.5, and higher than the previous figure of -7.1.
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