Updated from 4:09 p.m. EST
Stocks ended lower Friday as
first-quarter sales guidance left investors cold ahead of a long holiday weekend.
Dow Jones Industrial Average
lost 5.36 points, or 0.05%, at 11,115.32, and the
fell 2.14 points, or 0.17%, at 1287.24. The
gave up 12.27 points, or 0.53%, to 2282.36.
The Dow's primary laggard was
with a 3% drop. RBC Capital Markets cut its estimates for the chipmaker, citing Intel's loss of market share to rival
Advanced Micro Devices
For the week, the Dow gained 196 points, or 1.79%. The S&P 500 finished up 20 points, or 1.57%, and the Nasdaq added 20 points, or 0.88%.
Markets in the U.S. will be closed Monday for Presidents Day.
About 1.57 billion shares changed hands on the
New York Stock Exchange
, with advancers beating decliners by a 9-to-7 margin. Volume on the Nasdaq was 1.93 billion, with decliners outpacing advancers 8 to 7.
The 10-year Treasury bond was up 12/32 in price to yield 4.54% -- 12 basis points below the two-year yield -- while the dollar was higher against the yen and lower against the euro.
On the economic front, the Labor Department's producer price index rose 0.3% in January, higher than expectations for a 0.2% gain. Excluding food and energy, the core PPI was up 0.4%, also ahead of expectations.
"The rise in the core rate is not good," said Peter Cardillo, chief market analyst with SW Bach & Co. "It means that the
will be really concerned about inflation, giving us a higher probability of more rate hikes. Bernanke has already warned about inflation, so it may be discounted in the market, but it is still a negative number."
Also, the University of Michigan's consumer sentiment survey came in at a preliminary reading of 87.4 for February, down from January's final reading of 91.2. Economists were expecting a slight increase to a reading of 92.0.
To view Gregg Greenberg's video take on today's market, click here
Oil pressed toward $60 a barrel as traders prepared for a cold blast in the Northeast, where most of the country's natural gas and heating oil is consumed. The March crude contract finished up $1.42 at $59.88 barrel, after adding 2% on Thursday. For the week, crude fell 3.2%.
By sector, the Philadelphia Semiconductor Sector Index was down 1.9%, the S&P Retail Index lost 0.6%, and the Philadelphia/KBW Bank Sector Index was off 0.3%. The Amex Oil Index was one of few posting gains, adding 1.2%
Dell's fourth-quarter earnings rose 52% from a year ago to $1.01 billion, or 43 cents a share, on a 13% rise in revenue to $15.18 billion. Analysts were expecting earnings of 41 cents a share on sales of $14.82 billion. For the first quarter, Dell pegged revenue at $14.2 billion to $14.6 billion. Analysts wanted $14.73 billion. Dell lost $1.58, or 4.9%, to close at $30.38.
earned $98.1 million, or 53 cents a share, in the fourth quarter, roughly doubling the year-ago result. Sales rose 12% to $633.6 million. Analysts had forecast earnings of 49 cents a share on sales of $625.3 million.
Nvidia gave first-quarter guidance that implies EPS of roughly 41 cents to 50 cents, or 50 cents to 59 cents excluding options. Sales should be $652.6 million to $671.6 million. Analysts were expecting 45 cents a share on sales of $614.5 million. Shares rose 27 cents, or 0.6%, to $47.47.
first-quarter earnings fell more than 50% to $12.6 million, or 5 cents a share, while adjusted earnings of 10 cents a share were a nickel ahead of estimates. Revenue of $170.1 million was also well ahead of views. Brocade was higher by 30 cents, or 6.1%, to close at $5.25.
second-quarter profit rose 26% to $184.9 million, or $1.02 a share, while sales rose 15% to $742.7 million. Analysts were forecasting earnings of 95 cents a share on sales of $733 million. The company's 2006 guidance was slightly soft. Shares slid $5.55, or 10.1%, to $49.25.
CEO Dick Parsons can claim a win in his efforts to fend off activist shareholder Carl Icahn. According to reports, Icahn has dropped a plan to propose a whole new slate of directors to Time Warner's board, and instead will seek to place five representatives on the 14-member panel. Icahn's bankers declined to comment. Time Warner lost 19 cents, or 1.1%, to $17.78.
closed down 8.1% after the company said it earned $49.5 million, or 36 cents a share, in the fourth quarter, badly missing estimates. The company said it will close up to 700 stores. Shares fell $1.67 to $19.08.
lost $311 million, or 23 cents a share, in its fourth quarter, compared with a loss of $262 million, or 21 cents a share, a year ago. Revenue rose to $80 million from $25 million a year ago. Analysts surveyed by Thomson First Call were forecasting a 22-cent loss on revenue of $75 million. Sirius lost 39 cents, or 6.9%, to $5.26.
XM Satellite Radio
was trading lower after Morgan Stanley cut its stock price target for the company to $34. Shares dropped $2.41, or 10.1%, to close at $21.57.
In other ratings moves, Prudential raised its price target for
to $54, a day after the automaker said fourth-quarter earnings roughly doubled from a year ago to $1.1 billion, reflecting strength at Chrysler. The stock tacked on 23 cents, or 0.4%, to $57.91.
Overseas markets were higher outside of Japan, where concerns about future interest-rate policy drove the Nikkei down 2% to 15,713 overnight. In Europe, London's FTSE 100 was up 0.3% to 5848 and Germany's Xetra DAX rose 0.1% to 5792. Hong Kong's Hang Seng added 0.2% to 15,476.