Christmas may be over, but investors are still on the watch for the traditional Santa rally, with stocks edging down after a worrying holiday shopping report from retailers.
Sales for the season are expected to increase only around 0.7%, compared to forecasts for a 2%-3% increase, with shoppers cutting spending because of fiscal cliff worries.
The Nasdaq Composite
(INDEXNASDAQ:.IXIC) was down 0.76% to 2,989.63 points on incredibly anemic volume of 435.30 million as of 12:11 p.m. EST.
Research In Motion
(NASDAQ:RIMM) helped to lift the Nasdaq, jumping a robust 7.45% to $11.40.
(NASDAQ:ZNGA) (+2.58% to $2.39) and Groupon
(NASDAQ:GRPN) (+3.56% to $4.80) were also up on the day.
Another tech stock, Baidu
(NASDAQ:BIDU) also rose 3.64% to $100.29. Earlier the Chinese Internet search giant announced that it would develop a speech recognition application that would provide voiced answers to questions, as well as information on stocks, locations, and weather.
Shares of Amazon
(NASDAQ:AMZN) slid 3.55% to $249.44. On Christmas Eve, an outage occurred at an Amazon Web service center that impacted Netflix
(NASDAQ:NFLX) (+1.23%) customers in the US, Canada, and Latin America. Services went back up by Christmas Day.
(NASDAQ:AAPL) weighed on the Nasdaq as it fell 1.38% to $513.00. eBay
(NASDAQ:EBAY) (-1.74% to $50.19) and Tellabs
(NASDAQ:TLAB) (-4.58% to $2.50) were also down on the day.
No positions in stocks mentioned.
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