The Dow Falls 1 Point, Nasdaq Drops 14
The Dow lost 0.64 points today to close at 11014.55, the Nasdaq fell 14.20 points to close at 2129.95 and the S&P 500 dropped 4.61 points to close at 1251.55. Stocks ended slightly lower after a wild week of big swings to the downside then back up. Overall investor sentiment is relief that we may be in a trading range and not a continuous decline. However, the markets will continue to hang on Fed Chairman Bernanke's words as inflation and interest worries loom in the back of investors' minds. Gold and oil ended higher for the day.
Volume was heavy today with 2.01 billion shares trading on the NYSE and 2.5 billion on the Nasdaq. Decliners topped advancers by a margin on 21:12 on the NYSE and 20:10 on the Nasdaq.
In individual stories, BriteSmile Inc. (Nasdaq: BSML) ended 38.6% higher on rumors Futuredontics, Inc. could raise its bid or offer the company a higher cash component. Last Friday, Futuredontics offered to buy the company for $4 per share, $2 in cash and $2 in stock, which BSML rejected. California Micro Devices Corp. (Nasdaq: CAMD) ended 25.1% lower after the company lowered its previous first quarter guidance by $2.0 million, the company now expects revenue of between $15.0 and $16.0 million. The Wall Street consensus is $17.7 million.
Monday, traders will be looking for earnings reports from CarMax (NYSE: KMX), Circuit City (NYSE: CC), Casella Waste (Nasdaq: CWST) and Progressive Gaming (Nasdaq: PGIC).
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