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Stocks Open Mixed as Unemployment Rate Tops 10%
Friday November 06, 2009 - 08:45 AM EST
The U.S. unemployment rate rose to 10.2% in October as companies continued to cut positions to increase worker productivity. The Dow lost 20 points to 9986 while Nasdaq edged up a point to 2106.
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The U.S. unemployment rate rose to 10.2% in October as companies continued to cut positions to increase worker productivity. The Dow lost 20 points to 9986 while Nasdaq edged up a point to 2106.
On the upside Video game developer Activision Blizzard (Nasdaq: ATVI) posted lower revenues and a quarterly profit while raising its outlook to reflect a solid upcoming holiday shopping season. International Game Technology (NYSE: IGT) reported a quarterly loss, but the slot machine maker highlighted revenues from casinos replacing aging equipment. Shares of LivePerson (Nasdaq: LPSN) rose after the online conferencing company posted higher revenues and income. On the downside AIG (NYSE: AIG) announced a quarterly profit, but expected to take a $5 billion charge in the 4th quarter to write down the spin-off of two life insurance units. Coinstar (Nasdaq: CSTR) reported higher revenues and profits, but missed analysts' estimates. Shares of Geokentics (NYSE: GOK) fell after the seismic data measurement company posted revenues and earnings that missed expectations. In the broad market, advancing issues outpaced decliners by a narrow margin on the NYSE and were even on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 582.
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