As growing concerns on euro zone debt prompted investors to opt out of financial stocks, the US stock indexes slipped to a negative zone on the week's last trading day.
The Dow Jones industrial average lost 0.79 percent or 100.17 points to close at 12,595.75. The Nasdaq Stock Market Inc. composite index slipped 1.21 percent or 34.57 points to settle at 2,828.47. The Standard & Poor's 500 index fell 0.81 percent or 10.88 points to end at 1,337.77. Among other major indices, the New York Stock Exchange composite index was down 1 percent or 84.51 points to finish the day at 8,371.67. The American Stock Exchange composite index closed at 2,350.28, down 0.86 percent or 20.32 points.
Hot Stocks of the Day: LPHI, HRG, FIG, XUE, RDS-A, DDS, BXG
Shares of Life Partners Holdings Inc. (Nasdaq: LPHI) tumbled 20.14 percent or $1.42 to close at $5.62 as the company faces civil charges by the Securities and Exchange Commission.
Harbinger Group Inc. (NYSE: HRG) shares added 2.22 percent or 14 cents to close at $6.46 amidst news that the company plans to raise $280 million from a group led by Fortress Investment Group LLC (NYSE: FIG). Shares of the latter were down 3.69 percent or 20 cents to end at $5.22.
Xueda Education group (NYSE: XUE) beat analysts' estimate to register net income of $5.9 million, or 8 cents per share in its Q1, up from $3.3 million, or 7 cents a share a year earlier. Revenue during the period rose 64 percent to $50.8 million from its previous year's $30.9 million. Analysts had estimated earnings of 6 cents per share on revenue of $47.7 million for the company. Shares were down 1.70 percent or 19 cents to close at $11.
Shares of Royal Dutch Shell Plc (NYSE: RDS-A) slipped 2.05 percent or $1.46 to close at $69.63 despite being on the verge of receiving three permits from the US Environment Protection Agency to drill in Alaska coast.
Dillard's Inc. (NYSE: DDS) reported 57 percent increase in its Q1 net income to $76.7 million, or $1.31 per share, from $48.8 million, or 68 cents a share, posted a year earlier. Revenue during the quarter rose 1 percent to $1.5 billion from its previous $1.48 billion. Shares jumped 15.25 percent or $7.41 to close at $56.