CLOSING UPDATE: The Little Blue Bird Soared While Bulls Ran For Cover

By Staff,

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The euphoria following today's blockbuster Twitter ( TWTR ) IPO failed to generate interest in the broader market where all three indices closed the day in the red, the Dow off by more than 100 points. Stocks limped into the close, erasing early gains tied to a surprise cut in European interest rates on profit-taking off yesterday's record high and taper-friendly Q3 GDP. Technology shares were under water, especially social media stocks like Zynga ( ZNGA ) and LinkedIn ( LNKD ), pulling the tech-heavy Nasdaq to a four-week low.

According to the Commerce Department, the U.S. economy grew at a 2.8% rate last quarter, well above 2.0% estimates. Although the number does not reflect the 16-day partial government shutdown, analysts are expected to bump up Q4 growth forecasts to reflect better than expected growth. As a result, this could cause move up the timing for a possible QE tapering.

Initial jobless claims fell by a slightly greater than expected 9,000 to 336,000 total claims for the week ended November 2.

Here's where the markets stand at the close:


Dow Jones Industrial Index was down 152.90 (-0.97%) to 15,593.98

S&P 500 was down 23.34 (-1.32%) to 1,747.15

Nasdaq Composite Index was down 74.62 (-1.90%) to 3,857.33


FTSE 100 was down 0.66%

Nikkei 225 was down 0.76%

Hang Seng Index was down 0.68%

Shanghai China Composite Index was down 0.48%


MWW, Monster reported a Q3 profit of $11.3 million versus a $194.2 million loss for Q3 2012, will sell 49.9% stake in JobKorea to private equity firm.

RST, Reported a Q3 loss of $0.12 per share, ex one-time items, versus the Capital IQ consensus of $0.10 loss per share. Revenues were $60.87 million, versus the analyst estimate of $70.27 million

MW, Hedge fund Eminence Capital has acquired a 9.8% stake in the company, and is expected to encourage MW to reconsider Jos A. Banks' ( JOSB ) bid for the company, or other strategic options.


TSLA, Another Model S catches fire; the third fire in less than 6 weeks

BIOS, The company broke even on an adjusted basis in Q3, compared with income of $0.04 a year earlier and falling short of expectations for $0.03, according to Capital IQ..

NVTL, Revenue came in weaker than expected and the company projected Q4 revenue well below analysts' estimates while warning of increased competition at a customer in the mobile-hotspot category.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: JOSB , LNKD , ZNGA

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