After Market: Stocks Take a Breather Ahead of Jobs Report

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Investors hit the pause button on the stock market rally, with the Dow industrials just shy of record territory.

The Dow Jones industrial average (^DJI) lost less than a point. Just seconds before the closing bell it was in record territory, but couldn't hold there. The Nasdaq composite (^IXIC) dropped 38 and the Standard & Poor's 500 index (^GPSC) fell 2 points, after closing at all-time highs on Tuesday and Wednesday.

Investors continued to rotate out of some of the once-hot new tech stocks.

Amazon.com (AMZN) lost more than 2 percent. Analysts aren't very impressed with the Fire TV service announced Wednesday.

Facebook (FB) fell 5 percent, Netflix (NFLX) lost 2 percent and Priceline (PCLN) gave up 2 percent.

Yelp (YELP) dropped 6.5 percent, the second big drop in a row.
The Federal Trade Commission has received 2,000 complaints -- some of them reportedly alleging the company used extortion to win advertising. Yelp shares have lost a quarter of their value in the past month.

But Google (GOOG) bucked the downtrend. It edged higher as its 2-for-1 stock split took effect and a second class of shares began trading. Google now appears in the S&P 500 twice, giving the index 500 companies, but 501 stocks.

Some of the "old tech" stocks attracted buyers. Intel (INTC) rose 2 percent after a Piper Jaffray (PJC) upgrade to "overweight."

Biotechs had another rough day. A closely watched biotech ETF fell more than 3 percent. Biogen Idec (BIIB), Alexion Pharmaceuticals (ALXN), Vertex Pharmaceuticals (VRTX) and Celgene (CELG) all stumbled.

Elsewhere, Anadarko Petroleum (APC) jumped 14.5 percent after reaching a $5 billion settlement of an environment cleanup dispute.

Barnes & Noble (BKS) tumbled 13.5 percent. Liberty Media (LMCA) is slashing its stake from 16.7 percent to less than 2 percent. Liberty's CEO is also resigning his seat on the book retailer's board -- an apparent vote of no confidence.

E-Trade Financial (ETFC) fell 6.5 percent. A Sterne Agee analyst expressed concern about the discount broker's earnings.

Liquidity Services (LQDT) dropped sharply for a second straight day after withdrawing a bid for surplus Pentagon goods.

What to Watch Friday:
  • The Labor Department releases employment data for March at 8:30 a.m. Eastern time.
  • CarMax (KMX) reports quarter corporate earnings before financial markets open in New York.
-Produced by Drew Trachtenberg.


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toosmart4u

The complaints about the Affordable Care Act, Obamacare, are the same complaints the republicans used when they wanted to get rid of social security and medicare. Nothing has changed in all these years. Social security 1935 by a democrat president and democrat congress, medicare 1968by a democrat president and congress.

April 04 2014 at 6:12 AM Report abuse -1 rate up rate down Reply
toosmart4u

On social security and medicare, or soon to be, thank a democrat. If you want to get rid of these 2 fine programs vote republican.

April 04 2014 at 6:09 AM Report abuse -1 rate up rate down Reply