4:16 PM, Jun 26, 2009 --
- NYSE down 4.08 (0.1%) to 5,906.95.
- DJIA down 34 (0.4%) to 8,438.
- S&P 500 down 1.36 (0.2%) to 918.90.
- Nasdaq up 8.6 (0.5%) to 1,838.
- Hang Seng up 1.78%
- Nikkei up 0.83%
- FTSE down 0.45%
(-) KBH gives up early pre-market gain; reports loss, revenues beat.
(-) POT lowers guidance.
(-) UBS warns for Q2.
(-) CEP suspends distribution to holders, reviews borrowing base.
(-) LEA continues drop on speculated bankruptcy filing.
(-) BA down as Qantas delays order.
(+) VRNM surges on positive JV news.
(+) PALM saw continued upside after earnings beat.
(+) TIBX saw continued upside after earnings beat.
(+) CPD down, then recovers on FDA seizure news.
Stocks end mixed for the session. The major averages end mostly lower for a second straight the week.
The Dow Jones Industrial Average ends the week down 1.2%. The S&P 500 slips 0.3% for the week, while the Nasdaq manages a slender 0.6% advance in the same period.
Declines for energy shares, as oil dropped and a vote on the energy bill looms, pushed down the broader market Friday.
Crude finished below $70 a barrel and reports its second straight weekly decline. August ended down $1.07, or 1.5%, at $69.16 a barrel. It shed 1.2% for the week though remains up over 3% so far for the month of June.
Stocks also fell as a report showed consumers saving their stimulus-injected incomes, at the expense of reviving the struggling economy.
The Commerce Department set the tone for early trading after reporting that the savings rate rose to 6.9%, a 15-year high, while spending rose by a modest 0.3%. The high savings rate suggests consumers are not spending money, which makes up about 70% of economic activity.
Other economic news proved more encouraging, the Reuters/University of Michigan Surveys of Consumers, released mid-morning, showed that confidence for June was at 70.8. The reading compared with 68.7 in May and equaled February 2008's reading. The latest figure topped economists' median forecast for a reading of 69.0, according to a Reuters poll. But the index of consumer expectations, a forward looking measure, declined.
The tech-heavy Nasdaq Composite clinged to a narrow gain late. Palm (PALM) continued to lift tech shares after its earnings beat.
Palm (PALM) hit a 52-week high of $16.59. The big move in the stock comes after Palm reported better-than-expected Q4 results yesterday after the bell. The company reported a wider loss of $91.5 million, or 78 cents a share, compared with a $41.1 million loss last year. Ex items, the loss was 40 cents a share, compared with a loss of 62 cents per sharel according to a consensus poll of analysts by Thomson Reuters.
Investors have been drawn to the stock because of the launch of its new Pre smart phone, considered a solid contender for Apple Inc.'s (NASDAQ:AAPL) iPhone. But Barron's reported that much of that news is already priced into the stock. The report called the stock runup over-done.