US stocks close mixed ahead of US data
In this Wednesday, July 31, 2013 file photo, specialists Joseph Dreyer, left, and Donald Civitanova work on the floor of the New York Stock Exchange. After a losing week for the three major stock indexes, investors are hoping for a rebound on Wall Street, Monday, Aug. 12, 2013. AP
NEW YORK CITY—Wall Street stocks closed mixed Monday as investors looked to a busy week of data releases on the US economy.
The Dow Jones Industrial Average slipped 5.83 (0.04 percent) to 15,419.68. The broad-based S&P 500 gave up 1.95 (0.12 percent) at 1,689.47, while the tech-rich Nasdaq Composite Index gained 9.84 (0.27 percent) to 3,669.95.
The indecisive results came as investors await a full tally of US economic data later in the week that includes retail sales, housing and industrial production.
“Investors are trying to figure out the next catalysts,” said Art Hogan, head of product strategy at Lazard Capital Markets.
Apple gained 2.8 percent after reports that an upcoming iPhone launch could boost sales. One leading analyst speculated the launch could be “massively successful.”
Struggling smartphone company BlackBerry surged 10.5 percent higher after announcing that it is exploring strategic alternatives, including a possible sale of the company.
Longtime high-end musical instrument maker Steinway Musical Instruments jumped 9.3 percent after announcing that it received a superior bid to the $438 million proposed takeover by Kohlberg & Co. Kohlberg was given three days to sweeten its offer.
Online professional networking site LinkedIn jumped 2.9 percent after Needham & Co. raised the stock to “buy.” Needham said the company was well positioned to benefit from growing online revenue, especially mobile advertising, according to Investors Business Daily.
Yahoo rose 2.4 percent on reports the firm’s Japanese division hired a former Goldman Sachs investment banker with an eye toward additional acquisitions.
Banana and pineapple giant Dole Food rose 5.3 percent to $13.49 after chief executive David Murdock proposed to pay shareholders $13.50 a share to take the company private. Murdock boosted his offer by $1.50 from the previous bid.
Food industry services company Sysco fell 5.8 percent after reporting an 8.5 percent drop in quarterly profits to $283.0 million. The company cited weak restaurant traffic that plagued many of its customers, depressing profits.
Aviation equipment supplier Rockwell Collins lost 1.5 percent after announcing the $1.4 billion acquisition of Arinc from the Carlyle Group. Arinc specializes in electronic communications in aviation.
Bond prices fell. The yield on the 10-year US Treasury rose to 2.61 percent from 2.58 percent Friday, while the 30-year increased to 3.67 percent from 3.64 percent. Bond prices and yields move inversely.
