Closing Update: Dow Drifts Off Record Close But Nasdaq Notches Another Winning Session
Stocks finished mostly lower for the first time this week, with blue-chip issues drifting off yesterday's all-time close ahead of the government reporting April payrolls tomorrow morning. Industry sectors in the S&P 500 were split nearly evenly between winners and losers, with gains for shares of consumer discretionary and utility companies offset by declines for mining and materials stocks.
The Nasdaq Composite Index finished with a small gain, aided by a winning day for social networking and Internet companies following strong Q1 results by online review website Yelp ( YELP ).
Economic data Thursday provided little direction, with first-time jobless claims rising last week compared to the prior week, exceeding market expectations. Construction spending rose 0.2% in March, reversing a 0.2% decline the previous month, but also lagging the consensus view looking for a 0.6% gain.
Commodities also ended lower. June gold fell $12.60 to $1283.40 per ounce while July silver slipped 13 cents to finish at $19.03 per ounce. July copper was down a penny at $3.02 per pound. June crude oil fell 30 cents to settle at $99.48 per barrel while June natural gas declined 11 cents to $4.71 per 1 million BTU.
Here's where the markets stand at end-of-day:
Dow Jones Industrial Average down 21.97 (-0.13%) to 16,558.87
S&P 500 down 0.27 (-0.01%) to 1,883.68
Nasdaq Composite Index up 12.90 (+0.31%) to 4,127.45
Hang Seng Index down 1.42%
Shanghai China Composite Index up 0.30%
FTSE 100 Index up 0.43%
(+) MXL, Q1 net income, ex items, of $0.10 per share beats Capital IQ consensus by $0.03. Revenue grows 22.5% over the same quarter last year to $32.5 million, topping estimates by $700,000. Guides Q2 revenue above Street view.
(+) PFPT, Reports Q1 non-GAAP net loss of $0.12 per share, or $0.06 less than the analyst mean estimate. Total revenue rises 39% year over year to $42.7 mln, beating the Capital IQ consensus by $2 mln.
(+) MACK, Rallies to 19-month high after saying patients treated with its experimental pancreatic cancer drug lived longer than patients who received only standard chemotherapy.
(-) ARAY, Shares sink after order volume for the radiosurgery company falls year over year due to a slump in its U.S. pipeline, upstaging smaller-than-expected Q3 net loss above-consensus revenue and ARAY raising its FY14 outlook.
(-) OPLK, Q3 earnings of $0.01 per share, ex items, trails estimates by $0.10. Revenue falls 9.0% to $48.1 mln, missing consensus by $2.7 mln. Expected Q4 EPS, revenue lag Street view by at least $0.06 per share and $900,000, respectively.
(-) SLM, Shares lose nearly two-thirds of their former value after the loan company today completed the spin off its Navient ( NAVI ) loan-management, servicing and asset-recovery business.