Stocks Slip After Hitting 2012 Highs, Hurt by Tech Stocks
On the corporate front, shares of Urban Outfitters (URBN) jumped after the Philadelphia-based specialty fashion apparel retailer posted above-consensus quarterly results following Monday's closing bell. The stock rose 18.2%.
Best Buy (BBY) was back in the news on Tuesday. The stock closed off 1.4% in recent trades after the Minneapolis-based consumer electronics retailer, which named a new CEO on Monday, reported quarterly results that were well short of Wall Street's expectations and suspended its guidance.
Facebook's (FB) stock dipped 4.3% in the wake of news that director Peter Thiel has unloaded most of his stake in the company following the expiration of restrictions on insider sales.
Dell (DELL) reported second-quarter earnings per share of 50 cents, which beat Wall Street's consensus of 45 cents. Shares were losing 4.2% in extended trading after the company lowered guidance. Revenue came in at $14.48 billion, but analysts expected $14.64 billion. The stock dropped 1.8% during the regular session.Nordson (NDSN), the Westlake, Ohio-based manufacturing technology company, topped Wall Street's expectations for its fiscal third-quarter results and gave a strong revenue outlook for the fourth quarter. Shares popped 11%. Shares of Church & Dwight (CHD) rose 5.1% after the company agreed to buy privately held vitamins and supplements maker Avid Health for $650 million in cash. October crude oil futures settled up $71 cents at $96.68 a barrel and December gold futures surged $19.90 to settle at $1,642.90 an ounce. The benchmark 10-year Treasury was falling 2/32, raising the yield to 1.805%. The greenback was down 0.64%, according to the dollar index. The Hong Kong Hang Seng index finished down 0.02% and the Nikkei in Japan closed down 0.16%.
2012 Stock Predictions and Outlook
|Your one-stop shop for 2012 stock recommendations and market predictions.
>To contact the writer of this article, click here: Andrea Tse.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV