12:40pm (EST)
The market is slightly positive heading into the second half of trading as jobless claims remained flat which was “good news” as many were expecting worse numbers. News from overseas has been “positive” following the takeover of Spain’s third largest bank by its government which has helped its market rally 3% today.
Initial Claims dropped 1,000 to 367,000 while Continuing Claims fell 61,000 to 3.23 million from a revised 3.29 million from last week. The 4-week moving average came in at 379,000, down from 384,000.
Elsewhere, Import Prices fell by 0.5% in April while Export Prices popped 0.4%. The core reading came out to a 0.1% increase for Imports and flat for Export Prices.
Ben Bernanke gave a speech this morning but steered clear of commenting on the economy and any QE3 hints.
As we head to press, the Dow is up 64 points to 12,899 while the S&P is higher by 7 points to 1,162. The Nasdaq is higher by a point to 2,936.
We should get some big news concerning Arena Pharmaceuticals (ARNA, $3.66, HALTED) today but it may not come until after the bell. Shares have been halted due to pending news on its obesity drug, Lorcaserin, as the company tries to convince the suit-and-ties the drug is safe.
Shares could open above $5 or under $2 in after-hours trading.
Subscribers, check the Members Area for the updates and let’s keep our fingers crossed for Arena getting a thumbs up.