Stocks closed lower Wednesday, pausing after two days of record
highs for the Dow Jones Industrials Average and the S&P 500
after a surprisingly large jump in producer prices last month and
weak financial results for Macy's (
) and John Deere (
) following an unusually harsh winter season. Shares of consumer
discretionary companies had the steepest declines, closely followed
by industrial and technology issues.
U.S. producer prices jumped 0.6% in April, their largest
increase since September 2012. The market consensus was looking for
just a 0.2% rise. The monthly results have been more volatile in
recent months since the Labor Department earlier this year revamped
how it calculates PPI, adding services and construction costs.
Excluding the more food and fuel segment, producer prices
increased 0.5%, also topping forecasts expecting a 0.2% rise.
Commodities were mixed. Crude oil for June delivery settled 67
cents higher at $102.37 per barrel while June natural gas rose 1
cent to finish at $4.37 per 1 million BTU. June gold was down $1.20
to settle at $1,294.70 per ounce while July copper slipped 2 cents
to $19.53 per ounce. July copper was down 2 cents to finish at
$3.13 per pound.
Here's where the U.S. markets stood at end-of-day:
Dow Jones Industrial Average down 101 points (-0.6%) at
S&P 500 down 8.9 points (-0.5%) at 1,888.53
Nasdaq Composite Index down 29 points (-0.7%) at 4,100
Hang Seng Index up 1.03%
Shanghai China Composite Index down 0.14%
FTSE 100 Index up 0.08%
(+) SUMR, Earns $0.05 per share, during Q1, beating the Capital
IQ consensus looking for a $0.01 per share net loss. Revenue
declines 14% to $50.8 mln but tops estimates by $5.58 mln. Also,
Roth Capital upgrades to Buy from Neutral.
(+) LOJN, Arbitration panel dismisses all claims filed against
the company by Tracker do Brasil LTDA, the exclusive licensee of
LoJack Stolen Vehicle Recovery technology in Brazil. Panel will
next meet to determine damages owed LOJN.
(+) RUBI, Raised to Outperform from Perform at Oppenheimer,
citing valuation and the automated advertising company's recent Q1
results. RBC Capital Markets upgrades to Outperform but trims price
target by $3 to $19 a share.
(-) FOSL, Q1 EPS of $1.22 beats by $0.05 per share. Revenue
rises 14.1% to $777 mln, topping consensus by $6.31 mln. Forecasts
Q2 EPS of $0.90 to $0.97 per share, trailing Street by at least
$0.20. Guides Q2 revenue in-line with estimates.
(-) ENZY, Falls to all-time low after quarterly revenue of $17.9
million, lagging the Capital IQ consensus by $1.5 million. Earns
$0.24 per share, beating analyst projections by $0.07. Guides FY14
EPS, revenue in-line with analyst expectations.
(-) HYGS, Prices offering of 1 million shares by the company and
500,000 shares by CommScope at $15 apiece, a 30.6% discount to
Tuesday's close. The company plans to use proceeds for general
corporate purposes, including replacing negative cashflows from