Updated from 7:07 a.m. EST
The Labor Department reported yesterday that initial applications for jobless benefits for the week ended Dec. 6 rose to a seasonally adjusted 573,000. Last year at this time, initial claims were 337,000.
This headline comes on the heels of news of layoffs from companies such as Dow Chemical(DOW Quote), 3M(MMM Quote), Anheuser-Busch InBev(BUD Quote), National Public Radio and the National Football League.
Also making headlines is drug-producing giant Eli Lilly(LLY Quote). The Indianapolis-based company expects earnings of $4 to $4.25 per share in 2009, below analysts' average estimate of $4.26 per share. The company said lower than expected earnings can be chalked up to its $6.5 billion dollar acquisition of ImClone. ...
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