Lower open even as jobless claims drop

The market opened lower with the Dow losing 22 points to 17,462 despite a greater than expected drop in first time applications for unemployment benefits. Nasdaq fell 15 points to 4,605.

On the upside

Planar Systems (Nasdaq: PLNR) reversed year ago losses to post a stronger than expected profit for the fourth quarter and forecast current quarter results ahead of estimates.

Kate Spade (NYSE: KATE) narrowed third quarter losses and lifted its full year earnings outlook.

Cott (NYSE: COTT) will pay approximately $1.25 billion to acquire DS Services of America.

On the downside

Genworth Financial (NYSE: GNW) fell to a loss for the third quarter prompting a downgrade.

The Food and Drug Administration issued Aeterna Zentaris (Nasdaq: AEZS) a complete response letter denying approval of the New Drug Application for Macrilen to treat adult growth hormone deficiency.

Solazyme (Nasdaq: SZYM) widened losses for the third quarter prompting a downgrade.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 slipped 4 points to 2018. Bitcoin added $3 to $341.