Jobless Claims: Thursday's Headlines

(Updated with initial jobless claims data, same-store sales data, BOE/ECB rate decision, Marriott earnings.)

NEW YORK (TheStreet) -- Here are the top stock market headlines for the morning of Thursday, Oct. 8, 2009.

Thursday's Early Headlines

• Weekly Jobless Claims Drop - The Labor Department said that initial jobless claims fell by a greater-than-expected 33,000 last week to 521,000. Economists had expected claims to total 540,000, according to a poll by Reuters. Continuing claims fell to 6.04 million from 6.11 million the week prior.
• Same-Store Sales Results Expected to Decline - Retailers are reporting same-store sales results for September Thursday, with a significant number coming in better than analysts expected, including Aeropostale (ARO Quote), Walgreen (WAG Quote) and American Eagle Outfitters (AEO Quote). A number of retailers also upped their earnings guidance for the third-quarter, including Kohl's (KSS Quote), Target (TGT Quote) and J.C. Penney (JCP Quote).
• IBM Faces Antitrust Investigation - IBM (IBM Quote) is being investigated by the U.S. Justice Department for allegations that it abused its dominance of the mainframe business to squeeze rivals, says Computer and Communications Industry Association Chairman Ed Black. CCIA, a non-profit trade group, had urged the Justice Department to open the probe, Reuters reports.
• Microsoft Nears Settling Its Own Antitrust Case - On the other hand, Microsoft (MSFT Quote) is close to settling its antitrust case after the European Union indicated it would accept a settlement proposal outlined by the software giant, according to The Wall Street Journal. This would result in an end to nearly a decade-long tussle between Microsoft and the regulator regarding antitrust charges over the Internet Explorer Web browser, the report said. The proposal includes a move to give PC users a choice of Web browsers.
• Citi's Management Nets Good Scores - An outside appraisal gave Citigroup's (C Quote) management team a favorable review, although some shuffling of senior executives might be needed. The review, conducted this summer for Citigroup's board by Egon Zehnder International, gave strong overall marks to Citigroup's management team and to CEO Vikram Pandit in particular, The Wall Street Journal reports, citing people familiar with the matter. The review, however, gave less-favorable assessments to at least two of Pandit's lieutenants, Vice Chairman Lewis Kaden and Chief Administrative Officer Don Callahan, the people said.
• SEC Wants Jury Trial For BofA Case - The Securities and Exchange Commission Wednesday requested a jury trial for its case against Bank of America (BAC Quote). The SEC has accused BofA of misleading shareholders about bonuses given to Merrill Lynch employees before the companies earlier this year. The trial is a result of a rejected $33 million settlement deal, which U.S. District Court Judge Jed Rakoff called a breach of "justice and morality."
• Gold Continues to Set All-Time Highs - Gold futures rose to $1057.10 an ounce in electronic trading Thursday as the dollar continues to struggle. Lately, gold was up $10.90 to $1055.30, according to the Nymex Web site.
• BOE, ECB Hold Rates Steady - The Bank of England left its benchmark interest rate unchanged at a record low 0.5%, a decision that was widely expected, and the European Central Bank followed suit by keeping rates steady. The ECB's key rate was left unchanged at 1%, also a record low.

Thursday's Earnings Roundup

• Alcoa (AA Quote) unofficially kicked of the third-quarter earnings reporting season late Wednesday when it reported a surprise third-quarter profit of 77 million, or 8 cents a share. Excluding items, the company earned 4 cents a share in the quarter, compared to analysts' expectations that the company would lose 9 cents a share in the quarter.
• PepsiCo (PEP Quote) notched a third-quarter profit of $1.72 billion, or $1.09 a share, rising from the $1.58 billion, or 99 cents a share, a year ago. Revenue fell 1% from a year ago to $11.08 billion. Analysts anticipated Pepsi would post a profit of $1.03 a share on revenue of $11.25 billion, according to Thomson Reuters.
• Marriott (MAR Quote) reported a third-quarter loss of $466 million, or $1.31 a share, as the company's results were pressured hefty impairment charges from its timeshare business. Excluding those charges, the hotel operator earned 15 cents a share in the quarter, topping the Thomson Reuters consensus for a profit of 13 cents a share. Revenue of $2.47 billion was also better than analysts had forecasted.