To: DebtBomb who wrote (48244 ) 4/11/2002 9:09:53 AM From: SusieQ1065 Respond to of 208838 Labor weakness hurts stocks Jobless claims remain above 400,000; muted reaction to GE profit. April 11, 2002: 8:56 AM EDT By Alexandra Twin & Mark M. Meinero, CNN/Money Staff Writers NEW YORK (CNN/Money) - U.S. stocks appeared poised for an initial decline Thursday after General Electric posted first-quarter earnings in line with expectations and a government report showing slightly more-than-exported first-time jobless claims. General Electric reported an increase in first-quarter earnings to 35 cents a share from 30 cents a year earlier. That was in line with a consensus of analysts surveyed by First Call. GE shares fell 10 cents to $37.10 in before-hours trading. The Labor Department said initial unemployment claims declined to 438,000 in the week ended April 6 from a revised 493,000 in the prior week. While the figure is lower, it still reflects a continued spike upward in the past two weeks, although the number of claims is inflated by workers re-applying for benefits under terms of the recently approved economic stimulus package. The hope that Secretary of State Colin Powell can help end the recent spate of violence in the Middle East was one driver in Wednesday's stock market rally. Powell, who is scheduled to arrive in Israel later Thursday, has agreed to meet with Palestinian leader Yasser Arafat this weekend. Prior to his arrival, Israeli forces have been pulling out of some Palestinian villages after seizing them in response to a wave of suicide bombings. The easing of tensions is reflected in a decline in Brent oil futures by 39 cents to $25.18 a barrel in London. The Dow Jones industrial average begins the day at 10,381.73 following Wednesday's 173-point surge. The Nasdaq composite index starts at 1,767.07 after a 24-1/2-point gain, while the Standard & Poor's 500 is at 1,130.47, having advanced more than 12 points. Asian-Pacific stocks closed mostly higher Thursday, but Tokyo's Nikkei index fell 0.6 percent on earnings concerns. European stocks were led lower in midday trading by telecom issues. Treasury prices fell in early trading, sending the 10-year note yield up to 5.37 percent from 5.34 percent late Tuesday. The dollar slipped against the yen, but was unchanged versus the euro. Shares of Apple Computer (AAPL: Research, Estimates) looked to be active after UBS Warburg upgraded the stock to "strong buy" from hold and raised 2002 earnings targets, citing new products and the computer hardware maker's ability to be a leader in development. The firm believes second-quarter results will miss estimates, but that the company should have a strong second half of 2002. Shares of the stock rose 74 cents to $25.40 in before-hours trade Thursday. Network security products maker Network Associates (NET: Research, Estimates) reported a first-quarter profit that topped estimates and raised its second quarter and 2002 outlook. On Wednesday, an advisory committee for McAfee.com said shareholders should OK Network Associates' new bid for the remaining shares of the software maker it doesn't already own. Shares of the stock added 25 cents to $22.75 in before-hours trade Thursday. Web portal Yahoo! (YHOO: Research, Estimates) posted its sixth consecutive quarterly net loss on revenue that beat estimates. On Thursday, Merrill Lynch downgraded the stock to "near-term neutral" from "buy." Shares of the stock lost 94 cents to $17.50 early Thursday. Shares of Walt Disney (DIS: Research, Estimates) looked to be active after the entertainment company said Wednesday that business at its theme parks had picked up during the spring break period, although it still lagged the year-earlier period. Shares of the stock closed up 98 cents to $24.05 Wednesday. After the close, Juniper Networks (JNPR: Research, Estimates) weighs in with its first-quarter results. The networking equipment maker is expected to post a breakeven quarter after earnings 25 cents a share a year earlier. Juniper shares fell 25 cents to $10.63 in before-hours trading Thursday. Also due is DoubleClick (DCLK: Research, Estimates), the Internet advertising company. It's expected to post a first-quarter loss of 4 cents a share, narrower than the 8 cents a share in the prior year. DoubleClick was down 13 cents to $11.16 Wednesday.