January 08, 2010 at 08:56 AM EST
Sharp Cut In Jobs Weighs Down Dow
An unexpectedly sharp number of job cuts in December weighed down the Dow with the blue chip index slipping 28 points to 10,578. Nasdaq rose 6 points to 2306.

On the upside

UPS (NYSE: UPS) raised its earnings guidance for the fourth quarter and announced that 1,800 jobs will be cut in order to streamline operations.

DragonWave (Nasdaq: DRWI) reported third quarter earnings that doubled as revenue surged.

The Food and Drug Administration approved Cytori Therapeutics' (Nasdaq: CYTX) fat removal and injection PureGraft system.

On the downside

Synta Pharmaceuticals (Nasdaq: SNTA) priced its offering of approximately 5.5 million shares at $4.50.

Soleil downgraded MetroPCS (NYSE: PCS).

The Department of Education issued a report relating to the timing of Apollo Group's (Nasdaq: APOL) return of Title IV funds and may require the parent company of the University of Phoenix to post a letter of credit of approximately $125 million by the end of January.

In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 640.

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