U.S. shares seesawed as investors monitored budget negotiations in Washington and assessed the timing of any cuts to Federal Reserve stimulus. The 30-member Dow Jones Industrial Average (INDEXDJX:.DJI) and The S&P 500 (INDEXSP:.INX) each slid 0.2 percent at 11:17 a.m. in New York and the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) inched up 0.1 percent. Most followed shares included Ares Capital, Goldman Sachs Group, Outerwall, Icahn Enterprises, AutoZone, General Motors, Toll Brothers, Rambus and Texas Instruments.
In financial shares, Ares Capital Corp. (NASDAQ:ARCC), an investment-management company, declined 3 percent to $17.73. Ares, which currently has 281.2 million shares outstanding, said it will sell 14.3 million shares to help slash debt.
Goldman Sachs Group Inc. (NYSE:GS), the U.S. bank most reliant on trading, climbed 1.4 percent to $169.85 as federal agencies prepared to approve what they called a stricter version of the Volcker rule.
Outerwall Inc. (NASDAQ:OUTR), operator of the Redbox DVD kiosks, jumped 2.9 percent to $66.84. The president of Outerwall's Redbox video rental unit, Anne Saunders, has left the company. No reason was given for her departure. Separately, Outerwall said it was trimming 251 jobs, or 8.5 percent of its workforce.
Icahn Enterprises LP (NASDAQ:IEP), the company controlled by activist investor Carl Icahn, tumbled 7.8 percent to $136.95 after announcing it would sell two million depositary units, and invest the proceeds back into the business.
In consumer discretionary shares, AutoZone Inc. (NYSE:AZO), the largest U.S. auto parts retailer, increased 3.8 percent to $474.86 after reporting a better-than-expected quarterly profit as cold weather and delayed repairs drove demand for vehicle parts. The Memphis, Tennessee-based said net income rose to $218.1 million, or $6.29per share, in the first quarter, from $203.5 million, or $5.41per share, a year earlier. Analysts on average expected first-quarter earnings of $6.28per share, according to Reuters.
Pep Boys-Manny, Moe & Jack (NYSE:PBY), the auto-parts retailer, tumbled 9 percent to $12.20 after reporting third-quarter profit below analysts’ estimates as same-store sales fell 2.8 percent.
General Motors Co. (NYSE:GM), the largest U.S. automaker, slid 0.5 percent to $40.69. The Treasury sold the last of its GM shares. The exit will allow the automaker to pay dividends as well as end restrictions on executive pay.
Toll Brothers Inc. (NYSE:TOL), the largest U.S. luxury-home builder, gained 1.2 percent to $33.97 after reporting fiscal fourth-quarter earnings that beat analyst estimates as prices for its houses climbed. The Horsham, Pennsylvania-based company posted fourth-quarter profit of 54 cents per share, excluding items, 11 cents above estimates.
In technology stocks, Rambus Inc. (NASDAQ:RMBS), the designer of high- speed memory chips, leaped 23 percent to $10.52 after settling a patent dispute. Micron Technology Inc. agreed to pay $280 million in the next seven years for the right to use any of Rambus’s patents for the manufacture of integrated-circuit products, according to a joint statement issued after the close of trading yesterday.
Texas Instruments Inc. (NASDAQ:TXN), the largest analog chipmaker, slipped 0.2 percent to $43.48 after narrowing its fourth-quarter forecast as it wrestles with uneven demand and changes in its business focus. Net income in the three months ending Dec. 31 will be 44 and 48 cents a share, versus a prior forecast of 42 to 50 cents a share, the Dallas, Texas-based company said in a statement yesterday. Analysts polled by FactSet were anticipating earnings of 47 cents a share.
In other stocks, Analogic Corp. (NASDAQ:ALOG), a medical and airport-security device maker, sank 7.2 percent to $86.24 after posting first-quarter sales that trailed analysts’ estimates. The Peabody, Massachusetts-based company reported sales of $110.1 million for the three months ended Oct. 31, less than the $131.5 million average of two estimates, according to Bloomberg.
Reported by Proactive Investors 1 day ago.
In financial shares, Ares Capital Corp. (NASDAQ:ARCC), an investment-management company, declined 3 percent to $17.73. Ares, which currently has 281.2 million shares outstanding, said it will sell 14.3 million shares to help slash debt.
Goldman Sachs Group Inc. (NYSE:GS), the U.S. bank most reliant on trading, climbed 1.4 percent to $169.85 as federal agencies prepared to approve what they called a stricter version of the Volcker rule.
Outerwall Inc. (NASDAQ:OUTR), operator of the Redbox DVD kiosks, jumped 2.9 percent to $66.84. The president of Outerwall's Redbox video rental unit, Anne Saunders, has left the company. No reason was given for her departure. Separately, Outerwall said it was trimming 251 jobs, or 8.5 percent of its workforce.
Icahn Enterprises LP (NASDAQ:IEP), the company controlled by activist investor Carl Icahn, tumbled 7.8 percent to $136.95 after announcing it would sell two million depositary units, and invest the proceeds back into the business.
In consumer discretionary shares, AutoZone Inc. (NYSE:AZO), the largest U.S. auto parts retailer, increased 3.8 percent to $474.86 after reporting a better-than-expected quarterly profit as cold weather and delayed repairs drove demand for vehicle parts. The Memphis, Tennessee-based said net income rose to $218.1 million, or $6.29per share, in the first quarter, from $203.5 million, or $5.41per share, a year earlier. Analysts on average expected first-quarter earnings of $6.28per share, according to Reuters.
Pep Boys-Manny, Moe & Jack (NYSE:PBY), the auto-parts retailer, tumbled 9 percent to $12.20 after reporting third-quarter profit below analysts’ estimates as same-store sales fell 2.8 percent.
General Motors Co. (NYSE:GM), the largest U.S. automaker, slid 0.5 percent to $40.69. The Treasury sold the last of its GM shares. The exit will allow the automaker to pay dividends as well as end restrictions on executive pay.
Toll Brothers Inc. (NYSE:TOL), the largest U.S. luxury-home builder, gained 1.2 percent to $33.97 after reporting fiscal fourth-quarter earnings that beat analyst estimates as prices for its houses climbed. The Horsham, Pennsylvania-based company posted fourth-quarter profit of 54 cents per share, excluding items, 11 cents above estimates.
In technology stocks, Rambus Inc. (NASDAQ:RMBS), the designer of high- speed memory chips, leaped 23 percent to $10.52 after settling a patent dispute. Micron Technology Inc. agreed to pay $280 million in the next seven years for the right to use any of Rambus’s patents for the manufacture of integrated-circuit products, according to a joint statement issued after the close of trading yesterday.
Texas Instruments Inc. (NASDAQ:TXN), the largest analog chipmaker, slipped 0.2 percent to $43.48 after narrowing its fourth-quarter forecast as it wrestles with uneven demand and changes in its business focus. Net income in the three months ending Dec. 31 will be 44 and 48 cents a share, versus a prior forecast of 42 to 50 cents a share, the Dallas, Texas-based company said in a statement yesterday. Analysts polled by FactSet were anticipating earnings of 47 cents a share.
In other stocks, Analogic Corp. (NASDAQ:ALOG), a medical and airport-security device maker, sank 7.2 percent to $86.24 after posting first-quarter sales that trailed analysts’ estimates. The Peabody, Massachusetts-based company reported sales of $110.1 million for the three months ended Oct. 31, less than the $131.5 million average of two estimates, according to Bloomberg.
Reported by Proactive Investors 1 day ago.