Mid-Morning Market Update: Markets Open Lower; CarMax Revenue Beats Views

Following the market opening Thursday, the Dow traded down 0.64 percent to 17,601.95 while the NASDAQ declined 0.51 percent to 4,895.69. The S&P also fell, dropping 0.52 percent to 2,055.83.

On Thursday, utilities shares gained by 0.38 percent. Meanwhile, top gainers in the sector included

, up 4 percent, and

, up 2 percent. In trading on Thursday, financial shares slipped by 0.84 percent. Meanwhile, top losers in the sector included

, down 6 percent, and

, down 3 percent.

reported better-than-expected revenue for its fiscal fourth quarter. CarMax posted earnings of $0.71 per share on revenue of $3.71 billion. The company's earnings were lowered by $0.03 per share for an impairment-related charge. However, analysts expected earnings of $0.71 per share on revenue of $3.68 billion.

shares shot up 87 percent to $5.47. Lucas Energy, revealed it struck a series of deals with institutional investors enabling them to get $10 million of equity capital. Shares of

got a boost, shooting up 18 percent to $39.81 after the company agreed to be acquired by Handy & Harman Ltd

for $40.00 per share in cash.

shares were also up, gaining 11 percent to $38.04. Valeant's Board member and Pershing Square CEO Bill Ackman said the company might have a new CEO in a matter of weeks, rather than months. The move seemed to be driven by reports the company had received majority approval from creditors to revise its loan agreements. Valeant also reported that it has received lender consent for credit facility amendment.

shares dropped 14 percent to $7.57 after the company reported a $4.35 million registered direct offering. Shares of

were down 14 percent to $28.54 as the company reported downbeat Q4 results.

was down, falling around 8 percent to $42.72 as the company issued an update on IONIS-TTRRX program.

In commodity news, oil traded down 0.50 percent to $37.56 while gold traded up 1.23 percent to $1,238.80. Silver traded up 1.27 percent Thursday to $15.25, while copper fell 2.01 percent to $2.10.

European shares were lower today. The eurozone's STOXX 600 declined 0.26 percent, the Spanish Ibex Index fell 0.42 percent, while Italy's FTSE MIB Index dipped 1.32 percent. Meanwhile, the German DAX dropped 0.24 percent, and the French CAC 40 fell 0.24 percent, while U.K. shares fell 0.17 percent.

U.S. jobless claims declined 9,000 to 267,000 in the latest week. However, economists were expecting claims to reach 268,000 in the week.