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4:28 PM, Jul 1, 2010 --

  • NYSE down 7 (-0.1%) to 6,462
  • DJIA down 41 (-0.4%) to 9,733
  • S&P 500 down 3 (-0.3%) to 1,027
  • Nasdaq down 8 (-0.4%) to 2,101

GLOBAL SENTIMENT

  • Hang Seng down 0.59%
  • Nikkei down 2.04%
  • FTSE down 2.26%

UPSIDE MOVERS

(+) BP report says company secures short-term financing.

(+) ARNA says Eisai to market company's Lorcaserin following FDA approval.

(+) DELL upgraded.

(+) FDX upgraded.

(+) UPS upgraded.

(+) ISLE postpones stock offering.

(+) C says Treasury sells more shares.

DOWNSIDE MOVERS

(-) DNDN continues evening drop

(-) TASR guides for revenue miss.

(-) SNSS continues evening decline after announcing private placement.

(-) HD slips despite upgrade.

(-) LOW slips despite upgrade.

MARKET DIRECTION

Stocks end modestly lower, dropping 0.3%-0.4% and well off earlier lows ahead of Friday's jobs report. Still, the decline is enough to stretch the Dow's losing streak to six sessions. Oil and the dollar are lower, while Treasury yields edged off the record lows hit earlier this week.

Crude closes below $73 a barrel on global growth worries. Gold fell $39.20 to finish at $1,206.70 an ounce.

A trio of economic reports largely disappointed Wall Street though packed few surprises.

The Labor Department said initial claims for jobless benefits climbed 13,000 last week to 472,000. Economists had expected claims to fall.

The National Association of Realtors said its measure of pending home sales declined to a new low in May after a flurry of buying to take advantage of a tax credit that expired at the end of April.

Finally, the Institute for Supply Management reported its manufacturing index declined in June, though the industry trade group said the sector seemed to still be expanding.

For Friday's early report, economists polled by Thomson Reuters forecast that private employers added 112,000 jobs last month. That would be far above the 41,000 added in May. The overall unemployment rate is expected to rise to 9.8 percent from 9.7 percent in May.

In company news:

Shares of Bank of America (NYSE:BAC) fell after the company said its First Republic Bank had completed a management buyout, according to Reuters. The purchase was reportedly completed with $1.86 billion in new equity from Colony and General Atlantic, the report said.

Popular (NASDAQ:BPOP) says it has entered into an agreement and a plan of merger that contemplates funds managed by Apollo Management, L.P. acquiring a 51% interest in BPOP's processing subsidiary, EVERTEC, and related processing businesses, through the establishment of a joint venture. The new joint venture is valued at approximately $900 million.

Apple Inc. (NASDAQ:AAPL) is the target of a lawsuit over reception problems with its new iPhone 4, Bloomberg reported. A Massachusetts resident and New Jersey resident who bought the mobile phone filed complaints in federal court in San Francisco, the report said, alleging unfair business practices and false and misleading advertising. Another complaint was filed in Maryland alleging Apple and wireless carrier AT&T Inc. (NYSE:T) were negligent in marketing the phone, the report said.

McDonald's (NYSE:MCD) reportedly plans to rework its menu, according to a Reuters report. In the move, McDonald's is slated to retire the Big 'N' Tasty sandwich and add oatmeal to its national product selection, reported Reuters, citing Crains Chicago Business. The company also expects to discontinue its fruit and walnut salad.

Taser International Inc (NASDAQ:TASR) declined after the company said it anticipates that second quarter earnings will fall short of expectations. The stun-gun maker sees sales in the second quarter reaching $18.5 million, while analysts polled by FactSet Research had expected sales to reach $25.6 million. The sales slump is seen as a result of sluggish sales overseas, and less funding for law enforcement units in the United States.

Commodities were broadly lower while gold for August delivery is down 2.03% to $1,220 an ounce and crude oil for August delivery is down 3.87% to $72.67.

Source: Narrowly Lower Close Extends Dow Losing Streak