Market Wrap: Apple's Strike Three at Foxconn; RIM's Good/Bad Report; Initial Claims Continue Falling

Market wrap-up for March 29th

End of the Day: Dow Jones up 19.6 to 13,145.82; Nasdaq down 9.6 to 3,095.36; S&P 500 down 2.3 to 1,403.28

The following is a brief summary of events moving markets today:

• Workers fearful of "aluminum dust." Yes, that aluminum: Apple (Nasdaq: AAPL) shares ended Thursday's session lower following the late-day issuance of a external audit of supplier Foxconn's factories. The FLA said its findings "revealed serious and pressing noncompliances with FLA’s Workplace Code of Conduct, as well as Chinese labor law." For more color on that report, click here.
  
  Apple ended down 1.3 percent.
  
  
• Never has a quarterly report evoked such mixed feelings. We want to write a song about it and paint our fingernails black: Research In Motion (Nasdaq: RIMM) issued a mixed fourth-quarter 2012 release Thursday afternoon, missing expectations and canceling guidance, but addressing the issue that there is an inherent problem at the company of which it seeks to explore strategic alternatives to solve.
  
  Revenue came in at $4.19 billion with adjusted earnings of 80 cents per share, compared with views calling for revs of $4.55 billion and earnings of 82 cents per share. RIM shipped 11.1 million BlackBerry units and 500 thousand PlayBook tablets.
  
  In addition, former co-CEO and co-Chairman Jim Balsillie resigned from RIMs board. He still remains a large stakeholder as far as records show.
  
  For more color on the numbers, click here.
  
  
• Claims fall, land hard: According to data out of the Labor Department Thursday morning, claims for first-time jobless benefits dropped 5,000 to 359,000 for the week ended March 24th. Analysts on the Street were looking for a dip closer to 350,000. The level is still its lowest since April 2008.
  
  
• The end for Lands' End...at Sears: Sears Holdings (Nasdaq: SHLD) is said to be seeking a buyer for its Lands' End division, which it acquired in 2002 for roughly $1.85 billion. Some reports suggest Chair Eddie Lampert is looking for $2 billion in a deal, though analysts are guessing the unit is worth closer to a range of $1.2 billion to $1.6 billion. For more, click here.
  
  
• Getting a CRL of pain and suffering: Chelsea Therapeutics (Nasdaq: CHTP) was slammed Thursday following receipt of a complete response letter from the FDA for its Northera (droxidopa) Capsules NDA submission. The CRL said, in part, "The complete response letter includes the request by the FDA that Chelsea submit data from an additional positive study to support efficacy demonstrated in Study 301 along with the recommendation that such a study be designed to demonstrate durability of effect over a 2- to 3-month period...In addition to the clinical requests, the FDA indicated that additional bioequivalence work would be needed to support the approval of a 300mg capsule that Chelsea was considering making commercially available to complement availability of the 100mg and 200mg capsules utilized in Chelsea's clinical program, but would not required this for approval of the NDA." Shares ended 28 percent lower.

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