Closing Update: Major Averages End Near Flat After Mixed Session
The major averages close on either side of the even mark. Stocks traded mixed Tuesday after a successful bond auction was offset by improved housing data that still missed the Street expectations. Industrial share declines followed another delay for Boeing's (BA) 787 Dreamliner. Financial shares were firmer.
Stocks turned lower by mid-session after a smaller-than-expected rise in May housing data disappointed the market.
May existing-home sales rose 2.4% in May, less than the average 2.8% economists polled by Thomson Reuters were looking for. Economists said the lower-than-expected rise showed that the recovery in the housing market remains fragile.
Earnings releases are picking up. Oracle (ORCL) and Jabil Circuit (JBL) are among those firms due to report after the bell tonight.
Kroger (KR) firmed after topping Q1 EPS estimates.
Nokia (NOK) reportedly got its price target raised by Credit Suisse. Credit Suisse raised its target price on the stock to 14 euros from 12 euros.
On the downside, Rambus (RMBS) continues to drop after updated guidance. RMBS said last night that it expects Q2 revs in the range of $26.7 to $27.2 mln, straddling the single analyst estimate on Thomson Reuters. Rambus initially provided revenue guidance for the quarter in the range of between $27 million and $30 million.
Crude oil finishes up $1.74, or 2.6%, to $69.24 a barrel, snapping back-to-back declines.
-NYSE up 34.4 (0.6%) to 5,759.49.
-DJIA down 16 (0.2%) to 8,323.
-S&P 500 up 2.06 (0.2%) to 895.10.
-Nasdaq down 1.3 (0.1%) to 1,765.
GLOBAL SENTIMENT
Hang Seng down 2.89%
Nikkei down 2.82%
FTSE down 0.09%
UPSIDE MOVERS
(+) MOT upgraded.
(+) JAV completes open label study of Dyloject.
(+) FDX upgraded.
(+) NOK gets analyst price target hike.
(+) ALVR selected by Italy-basd Aria for WiMAX deployment.
(+) GS gets analyst price target hike.
(+) UBS gains as NY Times reports Justice Dept. may drop case.
(+) CRMT beats with Q4 results.
(+) CGEN reports positive animal test for IBD.
(+) MGRM gets buyout from LabCorp (LH) for $4.55 per share cash.
DOWNSIDE MOVERS
(-) MTXX gets informal SEC inquiry.
(-) RMBS sees continued downside reaction to revenue guidance cut.
(-) CYT cuts full-year earnings view.
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