After Market: 6-Day Win Streak Ends on Earnings, Home Sales

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All good things must come to an end, including the six-day winning streaks for the S&P 500 and the Nasdaq. The market rally ran out of steam amid some disappointing earnings news and a surprisingly weak report on home sales.

The Dow Jones industrial average (^DJI) fell 12 points, the Standard & Poor's 500 index (^GPSC) lost 4 and the Nasdaq composite (^IXIC) dropped 34 points.

Telecom and tech stocks led the decline. Many of the Nasdaq's momentum plays were a bit played out today. Netflix (NFLX) and Tesla Motors (TSLA) both fell about 5 percent. Facebook (FB), ahead of its earnings report, lost 2.5 percent, Amazon.com (AMZN) and Google (GOOG) lost 1.5 percent.

Amgen (AMGN) slid 5 percent after an earnings miss. Its net tumbled from a year ago. But fellow biotech Gilead Sciences (GILD) gained 1.5 percent as its net tripled, led by strong sales of its controversial and very expensive drug to treat hepatitis.

Also beating expectations, Boeing (BA) gained 2.5 percent. It also raised its outlook for the rest of the year. That helped rival aerospace giants Lockheed Martin (LMT) and General Dynamics (GD), both up more than 3 percent.

Delta Air Lines (DAL) rose 6 percent, leading the transportation sector higher. It reported strong earnings despite the slew of flight cancellations during the winter.

The Internet money transfer firm Xoom (XOOM) did just that -- zoomed ahead by 17 percent after beating expectations. And the shoe retailer, Skechers USA (SKX), rose 4.5 percent. Over the past year, it's raced ahead by more than 70 percent.

On the downside:
  • AT&T (T) fell 4 percent even though its net was in line with expectations.
  • VMware (VMW) fell 9 percent.
  • EMC (EMC), off 3 percent.
  • Juniper Networks (JNPR) fell 4 percent.
  • Intuitive Surgical (ISRG) slid 11 percent.
Homebuilders were under pressure following a big drop in new home sales. D.R. Horton (DHI) and Toll Brothers (TOL) fell about 2 percent.

Elsewhere, Plug Power (PLUG) fell 4.5 percent after announcing a secondary stock offering of 15 million shares, and Elizabeth Arden (RDEN) jumped 12 percent on word that it may be a takeover target.

What to Watch Thursday:
  • The Commerce Department reports durable goods orders for March and jobless claims for the week ending April 19 -- both at 8:30 a.m. Eastern time.
  • Freddie Mac releases weekly mortgage rates at 10 a.m.
These major companies are scheduled to release quarterly financial statements:
  • 3M (MMM)
  • Aetna (AET)
  • Altria Group (ALTR)
  • Amazon.com (AMZN)
  • American Airlines Group (AAL)
  • Caterpillar (CAT)
  • General Motors (GM)
  • Microsoft (MSFT)
  • Southwest Airlines (LUV)
  • Starbucks (SBUX)
  • Starwood Hotels & Resorts Worldwide (HOT)
  • United Airlines (UAL)
  • UPS (UPS)
  • Verizon Communications (VZ)
  • Visa (V)
-Produced by Drew Trachtenberg.


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jwmgrand

expect a sell off..... it started at the close ...... Putin has yet to throw down his hidden card !

April 23 2014 at 11:31 PM Report abuse rate up rate down Reply
thefacts22

The Market is an inflated fat flash trading gambling casino,there was NEVER a recovery and the dollar keeps on going down.USA under this regime have been working in the red since day one,we will crash badly,is time to kick out the old thieves

April 23 2014 at 7:48 PM Report abuse -3 rate up rate down Reply
1 reply to thefacts22's comment
elendil3136

Let me guess. You're a Republican who shorted the Market at the beginning of the year, and you're starting to panic.

April 23 2014 at 8:28 PM Report abuse rate up rate down Reply
blanketyblankblank

the only thing driving the market these days is computer flash trading-all the "data" is just used as an excuse to push the market in one direction or another.

April 23 2014 at 7:10 PM Report abuse +1 rate up rate down Reply