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Wall Street ends up a day after Nasdaq outage, Microsoft jumps

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Rodrigo Campos

NEW YORK | Fri Aug 23, 2013 4:55pm EDT

NEW YORK (Reuters) - Stocks rose in light trading on Friday, led by a jump in Microsoft shares, as trading took place without interruption a day after the Nasdaq stock exchange suffered an unprecedented, three-hour trading halt.

Microsoft (MSFT.O) shares posted their largest daily percentage gain in more than four years after the head of the world's largest software company, Steve Ballmer, announced he will retire within 12 months.

The stock closed up 7.3 percent at $34.77 and was the largest contributor to the advance on the three major indexes.

"The big news today is the succession at Microsoft, but beyond that it's pretty quiet," said Dan Veru, chief investment officer at Palisade Capital Management in Fort Lee, New Jersey.

The Dow Jones industrial average .DJI rose 46.77 points or 0.31 percent, to 15,010.51, the S&P 500 .SPX gained 6.54 points or 0.39 percent, to 1,663.5 and the Nasdaq Composite .IXIC added 19.085 points or 0.52 percent, to 3,657.792.

Volume was among the lowest of the year with about 4.9 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, far below the daily average so far this year of about 6.3 billion shares.

Trading volume was only slightly higher than Thursday's 4.4 billion, affected by a technological problem that shut down trading in Nasdaq securities for three hours in the afternoon.

On Friday, Robert Greifeld, chief executive officer of Nasdaq OMX (NDAQ.O) said the exchange resolved the technical problems that led to the halt but could not guarantee there would never be future glitches. Nasdaq shares gained 1.2 percent to close at $30.83.

Friday's gains helped the S&P 500 and Nasdaq Composite end a two-week losing streak, but the Dow posted its third consecutive weekly decline. For the week the Dow fell 0.5 percent, the S&P gained 0.5 percent and the Nasdaq added 1.5 percent.

Economic data showed sales of new single-family homes fell by 13.4 percent in July to an annual rate of 394,000 units, well below expectations of 490,000 units.

The data weighed on homebuilder stocks, with PulteGroup (PHM.N) down 1.6 percent to $16.06 and Toll Brothers (TOL.N) off 3.9 percent to $31.19. The PHLX housing sector index .HGX lost 1.6 percent.

Pandora Media Inc (P.N) slumped 12.9 percent to $18.91 after the Internet radio service said late Thursday that rising expenditures to acquire music and expand its sales force would push fiscal 2014 earnings below analyst expectations.

Aeropostale Inc (ARO.N) tumbled 20.2 percent to $8.76 after the teen apparel retailer forecast a steep third-quarter loss.

Shares of Autodesk (ADSK.O) rallied 7.7 percent to $38.91 after earlier hitting $41.72, its highest level since April 2012.

Roughly two issues rose for every one that fell on the NYSE and on Nasdaq 13 rose for every 11 decliners.

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Wall Street ends up a day after Nasdaq outage, Microsoft jumps

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Rodrigo Campos

NEW YORK | Fri Aug 23, 2013 4:55pm EDT

NEW YORK (Reuters) - Stocks rose in light trading on Friday, led by a jump in Microsoft shares, as trading took place without interruption a day after the Nasdaq stock exchange suffered an unprecedented, three-hour trading halt.

Microsoft (MSFT.O) shares posted their largest daily percentage gain in more than four years after the head of the world's largest software company, Steve Ballmer, announced he will retire within 12 months.

The stock closed up 7.3 percent at $34.77 and was the largest contributor to the advance on the three major indexes.

"The big news today is the succession at Microsoft, but beyond that it's pretty quiet," said Dan Veru, chief investment officer at Palisade Capital Management in Fort Lee, New Jersey.

The Dow Jones industrial average .DJI rose 46.77 points or 0.31 percent, to 15,010.51, the S&P 500 .SPX gained 6.54 points or 0.39 percent, to 1,663.5 and the Nasdaq Composite .IXIC added 19.085 points or 0.52 percent, to 3,657.792.

Volume was among the lowest of the year with about 4.9 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, far below the daily average so far this year of about 6.3 billion shares.

Trading volume was only slightly higher than Thursday's 4.4 billion, affected by a technological problem that shut down trading in Nasdaq securities for three hours in the afternoon.

On Friday, Robert Greifeld, chief executive officer of Nasdaq OMX (NDAQ.O) said the exchange resolved the technical problems that led to the halt but could not guarantee there would never be future glitches. Nasdaq shares gained 1.2 percent to close at $30.83.

Friday's gains helped the S&P 500 and Nasdaq Composite end a two-week losing streak, but the Dow posted its third consecutive weekly decline. For the week the Dow fell 0.5 percent, the S&P gained 0.5 percent and the Nasdaq added 1.5 percent.

Economic data showed sales of new single-family homes fell by 13.4 percent in July to an annual rate of 394,000 units, well below expectations of 490,000 units.

The data weighed on homebuilder stocks, with PulteGroup (PHM.N) down 1.6 percent to $16.06 and Toll Brothers (TOL.N) off 3.9 percent to $31.19. The PHLX housing sector index .HGX lost 1.6 percent.

Pandora Media Inc (P.N) slumped 12.9 percent to $18.91 after the Internet radio service said late Thursday that rising expenditures to acquire music and expand its sales force would push fiscal 2014 earnings below analyst expectations.

Aeropostale Inc (ARO.N) tumbled 20.2 percent to $8.76 after the teen apparel retailer forecast a steep third-quarter loss.

Shares of Autodesk (ADSK.O) rallied 7.7 percent to $38.91 after earlier hitting $41.72, its highest level since April 2012.

Roughly two issues rose for every one that fell on the NYSE and on Nasdaq 13 rose for every 11 decliners.

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Coronation Street Star Fired Over 'Rape' Rap

A Coronation Street actor who sparked controversy after rapping online about rape has been axed from the show.

Chris Fountain's contract has been terminated due to his "unacceptable comments", broadcaster ITV said.

The 25-year-old star was suspended from the soap last week after the foul-mouthed video which included lyrics about rape came to light.

Fountain, who played Tommy Duckworth, met programme bosses on Monday to discuss his actions and it was announced later he had been sacked.

His videos, posted on YouTube as his rap persona The Phantom, featured the star discussing violent themes.

The clips have been removed from the website but featured Fountain wearing a Halloween mask and delivering lines such as "rape a b**** on her birthday".

Last week, Fountain, who has also starred in Hollyoaks and Dancing On Ice, apologised and spoke of his regret over his actions.

He said: "I would like to sincerely apologise for any offence I have caused.

"I am deeply ashamed by the lyrics and very much regret my behaviour.

"The videos were made over a year ago when I was experimenting with music and I've not done anything like it since and nor will I."

An ITV spokesman said: "Chris Fountain's contract with ITV has been terminated as a result of the unacceptable comments he made in a number of online clips."

Fountain's actions were condemned by charities, women's groups and MPs.

Fay Maxted, chief executive of the Survivors Trust - an umbrella agency for more than 135 specialist rape, sexual violence and childhood sexual abuse support organisations - said last week: "He is a role model for young people.

"It almost seems like he's making a joke of something that really isn't funny."

Tory MP Priti Patel said his raps showed "a lack of respect, regard and understanding of the crime of rape".

She added: "This guy is trying to trivialise it. He should know much better."

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Coronation Street Star Fired Over 'Rape' Rap

A Coronation Street actor who sparked controversy after rapping online about rape has been axed from the show.

Chris Fountain's contract has been terminated due to his "unacceptable comments", broadcaster ITV said.

The 25-year-old star was suspended from the soap last week after the foul-mouthed video which included lyrics about rape came to light.

Fountain, who played Tommy Duckworth, met programme bosses on Monday to discuss his actions and it was announced later he had been sacked.

His videos, posted on YouTube as his rap persona The Phantom, featured the star discussing violent themes.

The clips have been removed from the website but featured Fountain wearing a Halloween mask and delivering lines such as "rape a b**** on her birthday".

Last week, Fountain, who has also starred in Hollyoaks and Dancing On Ice, apologised and spoke of his regret over his actions.

He said: "I would like to sincerely apologise for any offence I have caused.

"I am deeply ashamed by the lyrics and very much regret my behaviour.

"The videos were made over a year ago when I was experimenting with music and I've not done anything like it since and nor will I."

An ITV spokesman said: "Chris Fountain's contract with ITV has been terminated as a result of the unacceptable comments he made in a number of online clips."

Fountain's actions were condemned by charities, women's groups and MPs.

Fay Maxted, chief executive of the Survivors Trust - an umbrella agency for more than 135 specialist rape, sexual violence and childhood sexual abuse support organisations - said last week: "He is a role model for young people.

"It almost seems like he's making a joke of something that really isn't funny."

Tory MP Priti Patel said his raps showed "a lack of respect, regard and understanding of the crime of rape".

She added: "This guy is trying to trivialise it. He should know much better."

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Wall Street flat after selloff, indexes to fall on week

1 of 5. Specialist trader John O'Hara gives a price to Fred DeMarco on the floor of the New York Stock Exchange August 13, 2013.

Credit: Reuters/Brendan McDermid

By Rodrigo Campos

NEW YORK | Fri Aug 16, 2013 10:43am EDT

NEW YORK (Reuters) - Stocks were little changed Friday following the largest one-day drop in almost two months a day earlier, with main indexes on track to post their largest weekly decline in months on worries over the health of consumer spending and corporate profits.

Nordstrom Inc (JWN.N) on Thursday joined the list of consumer companies reporting lower-than-expected revenue, and the luxury department store chain cut its full-year sales and profit forecasts. Its shares fell 2.7 percent to $57.72.

From Wal-Mart (WMT.N) and Gap (GPS.N) to Macy's (M.N) and McDonald's (MCD.N), chains that cater to middle- and lower-income Americans are feeling the pinch of an uneven economic recovery.

Investors are concerned the economic recovery is slower than they had hoped as corporate revenue growth has disappointed even as companies' bottom-lines have hit the mark.

"There's a few bargain hunters out this morning," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey, but "we haven't seen the revenue growth the market was anticipating."

"We are unlikely to see a large-scale correction in the market right now, but it certainly is losing the momentum that took it to strong highs earlier this year," he said.

Adding to concerns, a survey showed U.S. consumers were a bit less optimistic in August as sentiment retreated from last month's six-year high.

The Dow Jones industrial average .DJI fell 9.72 points, or 0.06 percent, to 15,102.47. The S&P 500 .SPX dipped 2.17 points, or 0.13 percent, to 1,659.15. The Nasdaq Composite Index .IXIC edged up 4.61 points, or 0.13 percent, to 3,610.73.

The S&P and Nasdaq were on track to post their largest weekly declines since late June, and the Dow's drop was the largest for a week since late in April.

U.S. Treasuries prices extended a rout that has sent longer-dated yields to their highest in two years as investors contemplate that more solid economic growth will lead the Federal Reserve to begin paring back its $85 billion a month in bond purchases.

The stimulus program has helped lift the equity market to record highs this year, and LibertyView's Meckler said the sharp adjustment in interest rates has made equity investors more cautious.

Data on Friday showed U.S. housing starts and permits for future home construction rose less than expected in July, suggesting that higher mortgage rates could be slowing the housing market's momentum.

U.S. nonfarm productivity rose in the second quarter after a surprise decline in the first, separate data showed.

Green Mountain Coffee Roasters (GMCR.O) shares rose 2.3 percent to $75.60 after Nasdaq OMX said the company will replace Life Technologies (LIFE.O) in the Nasdaq 100 index on August 22.

Pandora Media (P.N) shares jumped 7 percent to $21.25 following a bullish call on the stock from Goldman Sachs.

(Editing by Bernadette Baum)

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Stocks eke out tiny gains on Wall Street

NEW YORK (AP) — A mixed batch of earnings results gave investors little direction on Friday as traders began looking ahead to a packed schedule next week.

The stock market slumped in early trading, climbed steadily the rest of the day, then ended little changed.

Volume was thin as traders prepared for a deluge of potentially market-moving events next week: a Federal Reserve meeting, the government's monthly employment report and much more.

"Traders seem to be erring on the side of caution today," said Jeffrey Kleintop, the chief market strategist for LPL Financial.

Expedia plunged 27 percent, the worst fall in the Standard & Poor's 500 index. The online travel agency reported earnings late Thursday that badly missed analysts' expectations. Higher costs were the main culprit. Expedia lost $17.80 to $47.20.

The Standard & Poor's 500 index inched up 1.40 points, or 0.08 percent, to 1,691.65. The index ended the week with a tiny loss, the first this month.

The Dow Jones industrial average rose 3.22 points, less than 0.1 percent, to 15,558.83. The Nasdaq composite index edged up 7.98 points, or 0.2 percent, to 3,613.16.

It's halftime in the second-quarter earnings season, and corporate profits are shaping up better than some had feared.

Analysts forecast that earnings for companies in the S&P 500 increased 4.5 percent over the same period in 2012, according to S&P Capital IQ. At the start of July, they predicted earnings would rise 2.8 percent. Nearly seven out of every 10 companies have surpassed Wall Street's profit targets.

The results aren't exactly impressive, said Sam Stovall, the chief equity strategist at S&P Capital IQ. Investors often argue that analysts set the bar for earnings so low that most companies are bound to jump over it. On average, more than six of every 10 companies beat Wall Street's targets every quarter.

Starbucks posted results late Thursday that beat analysts' estimates. Lower costs for coffee beans and better sales of salads and sandwiches helped. Starbucks jumped $5.19, or 8 percent, to $73.36.

The stock market hasn't ended the week with a loss since June 21, when speculation that the Federal Reserve would start easing off its support for the economy rattled financial markets.

Kleintop cautioned against reading too much into the market's moves on Friday or the weekly loss. The S&P 500 is still up 5.3 percent for the month and 18.6 percent for the year.

"It's just one week down after four up," he said. "If the market just goes higher and higher week after week, you would see a major swoon when it runs into some disappointing news."

In the market for U.S. government bonds, the yield on the benchmark 10-year Treasury note slipped to 2.56 percent from 2.57 percent late Thursday.

Long-term interest rates have swung in a wide range since early May as traders attempt to anticipate the Fed's next move. The yield on the 10-year note went as low as 1.63 percent on May 1 and as high as 2.74 percent on July 5.

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