The Dow Fell 148 Points, Nasdaq Lost 43
The Dow fell 147.74 points to close at 13,215.13, the Nasdaq lost 42.6 points to close at 2,533.74, and the S&P 500 lost 21.11 points to close at 1,509.48. Oil gained $0.26 to close at $61.81. Stocks fell on weaker than expected retail sales data from several companies, however, most was widely expected due to the change in the Easter holiday.
Volume was modest with 3.14 billion shares trading on the NYSE and 2.02 billion trading on the Nasdaq. Decliners topped Advancers by a margin of 25:07 on the NYSE and 24:07 on the Nasdaq.
In individual stories, Tweeter Home Entertainment (Nasdaq: TWTR) fell 70% after reporting a Q2 loss of $1.38 vs. consensus for $0.15 loss. Revenues were $163 million vs. $151.62 million consensus. The Company believes that it does not have sufficient working capital to fund its short-term needs, such as the payment of costs associated with store closings, lump-sum payments to landlords of closed stores with whom it reaches settlements, and to fund its long-term cash needs. Absent obtaining additional capital or reaching adequate settlements with the landlords of its closing stores, the Company may choose to file for reorganization under Chapter 11 of the bankruptcy code. Pope & Talbot (NYSE: POP) lost 32% after reporting a Q1 loss of $1.15 per share, versus the consensus of a $0.32 loss. Revenues came in at $200.5 million versus the consensus of $226.3 million.
Tomorrow, investors will be looking for earnings from Alcatel-Lucent (NYSE: ALU), Comstock Homebuilding (Nasdaq: CHCI), DRS Technology (NYSE: DRS), Goldcorp (NYSE: GG), and Movie Gallery (Nasdaq: MOVI).
Also, investors will be looking for economic data on April Retail Sales and Retail Sales Ex-Auto, PPI & Core PPI, and business inventories.
Volume was modest with 3.14 billion shares trading on the NYSE and 2.02 billion trading on the Nasdaq. Decliners topped Advancers by a margin of 25:07 on the NYSE and 24:07 on the Nasdaq.
In individual stories, Tweeter Home Entertainment (Nasdaq: TWTR) fell 70% after reporting a Q2 loss of $1.38 vs. consensus for $0.15 loss. Revenues were $163 million vs. $151.62 million consensus. The Company believes that it does not have sufficient working capital to fund its short-term needs, such as the payment of costs associated with store closings, lump-sum payments to landlords of closed stores with whom it reaches settlements, and to fund its long-term cash needs. Absent obtaining additional capital or reaching adequate settlements with the landlords of its closing stores, the Company may choose to file for reorganization under Chapter 11 of the bankruptcy code. Pope & Talbot (NYSE: POP) lost 32% after reporting a Q1 loss of $1.15 per share, versus the consensus of a $0.32 loss. Revenues came in at $200.5 million versus the consensus of $226.3 million.
Tomorrow, investors will be looking for earnings from Alcatel-Lucent (NYSE: ALU), Comstock Homebuilding (Nasdaq: CHCI), DRS Technology (NYSE: DRS), Goldcorp (NYSE: GG), and Movie Gallery (Nasdaq: MOVI).
Also, investors will be looking for economic data on April Retail Sales and Retail Sales Ex-Auto, PPI & Core PPI, and business inventories.
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