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Stocks Open Lower on Renewed Economic Worries

First time unemployment claims fell this week, but investors remained nervous about the prolonged economic recession taking down the auto industry. The Dow dropped 150 points to 6725 while Nasdaq lost 28 points to 1325.

On the upside

Most retailers posted lower revenues, but The Buckle (NYSE: BKE) bucked the trend after the teen apparel retailer reported 21% higher February sales which beat expectations.

Wal-Mart Stores (NYSE: WMT) also stood out among retailers after posting a 5.1% increase in February same-store sales versus year-ago levels.

Weight Watchers International (NYSE: WTW) reported a 4th quarter profit boosted by one-time items.

On the downside

General Motors' auditors (NYSE: GM) warned that the company may not be viable. Investors took that to mean an inevitable bankruptcy filing.

General Dynamics (NYSE: GD) lowered its 2009 outlook and announced plans to slash 1200 positions and to cut production of business jets.

Jackson Hewitt Tax Service (NYSE: JTX) lowered its outlook for the year despite posting slightly higher 3rd quarter profits. The tax preparer also announced a deal to be the exclusive provider of tax services in 2,250 Wal-Mart Stores locations.

In the broad market, declining issues overwhelmed advancers by a margin of more than 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 10 points to 360.

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