Stocks may have found their bottom following several days of
declines, bouncing off session lows earlier in the session to
finish with only slight losses. The major market gauges were down
through much of the day, ignoring generally positive earnings
results by U.S. companies and instead continued to respond to
financial uncertainty in China and other emerging economies. A
steeper than expected increase in new-home sales appear to spook
December new homes sales fell by more than double market
expectations, sliding 7.0% to a seasonally-adjusted annual pace of
414,000 sales compared the consensus estimate looking for a 3.0%
decline to around 450,000 new homes sold. November sales also were
revised downward by around 4% from initial reports to 445,000 sales
during the month.
For all of 2013, however, new-home sales rose 4.5% year over
year to a five-year high of 428,000.
Industrial stocks found support today after Dow component
) beating analyst estimates. Technology stocks struggled today,
keeping the Nasdaq Composite index well under other market
Here's where the U.S. markets stood at end-of-day:
Dow Jones Industrial Average down 41.23 (-0.26%) to 15837.88
S&P 500 down 8.73 (-0.49%) to 1781.56
Nasdaq Composite Index down 44.56 (-1.08%) to 4083.61
Hang Seng Index down 2.11%
Shanghai China Composite Index down 1.03%
FTSE 100 Index down 3.29%
(+) GAME, Receives non-binding, $1.9-bln going-private proposal
letter from Shanda Interactive Entertainment Ltd, the controlling
shareholder of the company, at $6.90 per American depository share
- or $3.45 per Class A or Class B share - a 21.2% premium.
(+) MM, Raises Q4 guidance, now sees GAAP revenue of $93 mln to
$96 mln, topping analyst consensus by at least $2.84 mln during
three months ended Dec. 31. Boosts pro-forma revenue by $9 mln to
new range of $106 mln to $109 mln.
(+) VSB, Agrees to be acquired by Yadkin Financial Corp. (
) for about $299 million in stock. VSB shareholders are in line to
0.3125 share of YDKN for each share they now own - or based on
YDKN's closing price on Friday, $5.41 per share - a 5.3% premium to
VSB's close Friday. YDKN was almost 6% higher in recent trade.
(-) GERN, Mayo Clinic closes new-patient enrollment in testing
of the company's imetelstat drug candidate.
(-) NTE, Reports 25% decline in Q4 sales, falling to $234.9 mln
compared to $312.2 mln in the year-ago period. Per-share earnings
during the quarter declined 75% year over year to $0.20. No analyst
estimates were available for comparison.
(-) KOOL, ThermoGenesis Drops 17%; Sells 3.3 Mln Shares at
Discounted $2.00 in Private Placement
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