Stocks closed lower Wednesday, snapping a six-day rally for the
S&P 500 following disappointing earnings and guidance from
) and Broadcom (
). Dow component rose over 5% to keep bluechips from outsized
declines. Economic news today was mixed, with U.S. export prices
rebounding from a 0.5% decline last with a 0.3% rise in September
but a measure of the housing market rose only narrowly, showing the
impact of rising borrowing costs.
Trading was choppy throughout much of the session, with the
major averages finishing off their worst levels of the day. Most
sectors in the S&P 500 finished on negative ground, with the
steepest declines for shares of energy companies as crude oil
extended its recent slide, with the December contract settling
under $97 per barrel after a government report found inventories
again rose more than expected last week. Financial stocks also fell
Shares of consumer staples and utility - which typically do
better during defensive trade - managed to eke out small gains
today. Precious metals also fell in commodities trade while the
dollar was little changed to slightly lower against most foreign
Here's where the markets stood at end-of-day:
Dow Jones Industrial Average down 54.33 (-0.35%) to
S&P 500 down 8.30 (-0.47%) to 1,746.37
Nasdaq Composite Index down 22.49 (-0.57%) to 3,907.07
Hang Seng Index down 1.36%
Shanghai China Composite Index down 1.25%
FTSE 100 Index down 0.32%
(+) APOL, Adjusted Q4 EPS of $0.55 for the for-profit educator
beats the Capital IQ consensus by $0.30 per share.
(+) GLW, Acquires the remaining 43% stake of its Samsung Corning
Precision Materials Co. joint venture. Samsung agrees to 10-year
supply pact for LCD glass from the partnership and acquires 7.4%
stake in GLW.
(+) JAKK, Reports Q3 earnings and revenue topping analyst
expectations and guiding its FY13 results above the Street
(-) NBR, Q3 revenue declines 5.4% year over year to $1.55 bln,
trailing expectations by around $38 mln. Adjusted EPS of $0.20
beats by a penny.
(-) DTLK, Q3 net income of $0.04 per share is down from a $0.11
gain in year-ago quarter and trailing the FactSet consensus by
$0.13 per share. Revenue climbs 33% year over year to $139.6 mln,
but still trails estimates by $5.2 mln.
(-) RPRX, Drug-maker says it will delay filing new-drug
application for its Androxal drug candidate by around six months
until late 2014 after the FDA requested one-year test data for the
prospective treatment for low testosterone in men.
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