Stocks Fall, but New York Times Company Surges
The Dow lost 99 points after the release of mixed economic news.
Stocks dipped today following mixed economic news.
Initial jobless claims dropped to 3666,000, down 5,000 from the last report. The four-week moving average, a more stable measure, dropped to 350,000, the lowest level since March 2008. Fourth-quarter productivity fell, with nonfarm business productivity slipping 2.0% after a jump of 3.2% in the third quarter.
In international news, the European Central Bank decided to cut the Irish government some slack, loosening the terms of its debt agreement. The Dow (INDEXDJX:.DJI) lost 99 points, declining to 13886.57, and the S&P 500 (INDEXSP:.INX) fell 0.63% to 1502.66. The Nasdaq (INDEXNASDAQ:.IXIC) sank 25 points to 3142.67.
Credit Suisse (NYSE:CS) returned to profit in the fourth quarter, bringing in a lower-than-expected $435 million. The Swiss bank will cut spending by as much as 200 million francs by 2015. Shares fell 3.69% to $28.47.
Independent merger advisor Lazard Ltd. (NYSE:LAZ) reported fourth-quarter profit of $81.6 million and earnings per share of $0.61. Earnings per share for the company were as low as $0.01 a year earlier. The stock moved up 2.56% to $37.62.
BlackBerry (NASDAQ:BBRY) shares fell 2.70% to $15.48 after the company announced the addition of two executives to its board. The stock was upgraded by Sanford & Bernstein Co. to "Outperform" on Monday.
The management firm Greenlight Capital made an announcement urging shareholders of Apple (NASDAQ:AAPL) to oppose an amendment to Apple's charter. That amendment would allow preferred stock to be eliminated. Shares edged up 0.24% to $455.96.
American Airlines (PINK:AAMRQ) and US Airways Group (NYSE:LCC) are in the process of making a merger agreement, which will be announced next week, reported the Wall Street Journal. American Airlines stock moved up 4.92% to $1.29 and US Airways shares rose 1.65% to $14.83.
The New York Times Company's (NYSE:NYT) stock surged 14.81% to $9.47 now that the publisher is reportedly close to making a deal to sell About.com to Answers.com for $270 million.
Macy's (NYSE:M) raised its fourth-quarter earnings guidance due to high sales growth last month. January same-store sales grew 12% in comparison to the 6.4% increase analysts expected. The stock inched up 1.14% to $39.94.
LinkedIn (NYSE:LNKD) will report earnings after the bell. Analysts expect strong growth of $279.5 million for the fourth quarter, up 66% from last year's $167 million. Shares slumped 2.31% to $122.87.
FedEx Corporation (NYSE:FDX) continued to stay higher, moving up 0.17% to $106.35 following the announcement that US Postal Service would be eliminating Saturday mail.
Green Mountain Coffee Roasters (NASDAQ:GMCR) plunged 7.76% to $45.15 after its forecasted sales growth for the current quarter missed analyst expectations.
News Corp. (NASDAQ:NWS) Chief Financial Officer David DeVoe announced business units were underperforming, leading the media company to cut its profit outlook for the year to mid to high single digits from high single digits to low double digits. The stock declined 2.47% to $27.98.
Prudential Financial (NYSE:PRU) fell 4.03% to $56.15 after posting a fourth-quarter loss of $232 million due to in part to fluctuation of the yen, which fell versus the dollar. Operating profit came to $1.69 per share, missing analyst expectations.
Exelon Corporation (NYSE:EXC) reported fourth-quarter earnings of $0.44 per share, lower than $0.91 per share a year ago. The results were affected by lower energy margins and high operating and maintenance expenses. Shares rose 2.16% to $31.65.
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