The Markets Now: Stocks Edge Lower, Economic Reports Mixed

By Casey Quinlan  JAN 15, 2013 12:30 PM

Stock gains and declines were muted this morning as neither technology nor blue chip bank stocks drove movement.


Stocks edged lower Tuesday as investors may have been discouraged by dragged out debt ceiling talks and news that Germany's economy expanded only 0.7% in 2012. In US economic news, however, December retail sales were better than expected at 0.05%, indicating that consumer spending is up.
The Dow (INDEXDJX:.DJI) opened at 13476, down 0.26%, and gained a few points to 13487.07. The Nasdaq (INDEXNASDAQ:.IXIC) opened at 3095.12, down 0.69%, and moved up to 3100 (-0.53). The S&P 500 (INDEXSP:.INX) began at 1464 -0.39% and inched up to 1469.06 (-0.18%).
Dell (NASDAQ:DELL) shares rose 1.58% to $12.48 after suspending talks to take the company private.
ConocoPhillips (NYSE:COP) said it will sell some of its properties to Denbury Resources (NYSE:DNR) for $1 billion. ConocoPhillips was virtually unchanged at $58.46, down just 0.02%. Denbury shares were at $17.20, up 1.90%.
In its quarterly earnings, Lennar (NYSE:LEN) announced 42% growth in revenue and a gross margin that went up to 23% from 19% year-over-year. The stock was down slightly at $40.94.
Burberry (LON:BRBY) posted high same-store sales for the third quarter. The stock opened at $1,378.00, up 4%, and continued to rise to $1385.00, up 4.53%.
Apple (NASDAQ:AAPL) continued to decline, opening at $490.33, and continuing its downward trend to $487.92.
Facebook (NASDAQ:FB) remains high, beginning at $30.88, up 0.22%, and rising to $31.57, up 1.91%. The company will host an event this afternoon, where it is expected to make a special announcement.
American Express (NYSE:AXP) was downgraded from overweight to neutral by JPMorgan. Shares inched lower to $60.78.
JPMorgan (NYSE:JPM) opened at $45.82, down 0.15%, and stayed lower at $45.81.
Lululemon Athletica (NASDAQ:LULU) traded down 6.15% to $67.85 . Lululemon raised its fourth-quarter guidance, but its revenue projections proved rosier than analysts believe is justified.
No positions in stocks mentioned.