Stocks Fall For the Third Straight Day (BBY, ILMN, RHT, BIG, NCT, JBLU, EXPE)

U.S. stocks continued to fall for the straight session on Thursday as jobless claims decreased less than expected in the recent month.  The Dow Jones industrial average was down 68 points, or 0.50 percent, at 13,058. The Standard & Poor's 500 Index lost 11 points, or 0.80 percent, at 1,394. The Nasdaq Composite Index declined 23 points, or 0.75 percent, at 3,082.11.This morning, the government report showed that the number of Americans who sought jobless benefits last week fell by 5,000 to 359,000, below economists’ estimates of 345,000.

Stocks have been falling since Tuesday on global growth concerns with China in limelight as well European disability to show any positive development after the recent crisis.Moreover, analysts have been estimating a slight pull back after the strong rally over the past one month on positive outlook about U.S.

Best Buy Co., Inc.(NYSE:BBY) shares slumped over 8% after reported below expected  fourth quarter revenue. The company said that it earned $2.47 a share on an adjusted basis on revenue of $16.63 billion, compared to analysts’ estimates of $2.16 a share on revenue of $17.23 billion. The company also said that it intends to close 50 big-box stores.
Illumina, Inc.(NASDAQ:ILMN) rose 3.81% to $51.78 after Roche Holdings Ltd lifted its offer price to acquire the company by $6.50 to $51 a share. Other terms and conditions of the deal remain same.
Red Hat, Inc.(NYSE:RHT) shares soared about 16% to $59.55 after hitting multi-year high of $60.20 as the company reported better than estimated fourth quarter earnings. The company earned 29 cents a share, topping analysts’ estimates by 2 cents.
Big Lots, Inc.(NYSE:BIG) declined about 7% after regulatory filings showed several of the retailer’s executives offloaded restricted stock this month.
Newcastle Investment Corp.(NYSE:NCT) lost 4.32% after the company priced a public offering of 16.5 million shares at $6.22 a piece.
JetBlue Airways Corporation(NASDAQ:JBLU) shares slumped 7.40% after Deutsche Lufthansa AG signaled it could sell all or part of its stake in the U.S. carrier, held through convertible bond that can be redeemed in cash or a 16% stake in JetBlue.
Expedia Inc(NASDAQ:EXPE) shares rose 0.30% after falling over 4.50% in the previous trading session. Yesterday, Liberty Interactive Corp. (LINTA, LINTB), entered a forward-sale contract involving a large portion of its shares in the online travel agency.