* Microsoft touches 12-yr high as CEO search narrows
* Tesla a big loser after results, outlook
* Barracuda Networks jumps in debut in busy IPO session
* Indexes: Dow up 0.7 pct, S&P up 0.3 pct, Nasdaq down 0.3
By Luke Swiderski
NEW YORK, Nov 6 The Dow and S&P stock indexes
rose on Wednesday, bolstered by European economic data, while
the Nasdaq fell, led by losses in Tesla Motors and as investors
readied for Twitter's much-anticipated IPO.
Microsoft Inc had the biggest positive influence on
the S&P 500 after Reuters reported that the company had narrowed
its CEO search to a handful of names. The shares rose $1.35, or
3.7 percent, to $37.99, and at one point touched its highest
since July 2000.
However, other big technology shares were slipping. Apple
Inc was down 0.5 percent at $519.84, Facebook Inc
was down more than 2 percent at $48.98, and Google
was down almost 0.5 percent at $1,017.00.
"The market is pretty much all green but those three big
powerful tech names are slightly down," said Daniel Morgan, vice
president at senior portfolio manager at Synovus Trust Company.
"It's interesting that these three companies have had such
great momentum and fundamentals - I don't know if some of that
money is shifting out in anticipation of Twitter."
German industrial orders rose by more than expected, which
is significant as the country is the economic engine of the euro
One day before Twitter's eagerly awaited IPO,
several other companies sold shares that debuted on Wednesday.
Barracuda Networks Inc shares jumped 18 percent to
$21.28, but several other IPOs barely moved in their first day
"One of the barometers for the health of market conditions
we look at is the ability for the market to absorb a large
amount of IPOs," said Art Hogan, managing director at Lazard
Capital Markets in New York.
According to Thomson Reuters data, if all 13 scheduled IPOs
price this week, it will be the busiest week of the year in
terms of the number of primary issues since September 2007.
Helping drive down the Nasdaq was Tesla Motors Inc,
which saw shares slump more than 14 percent to $152.00 after the
electric car maker forecast a weaker-than-expected
fourth-quarter profit and its third-quarter Model S deliveries
disappointed some analysts. Shares are up 350 percent for the
year, and the stock has been a target of short-sellers who see
it as overvalued.
The Dow Jones industrial average rose 110.01 points
or 0.7 percent, to 15,728.23, the S&P 500 gained 5.92
points or 0.34 percent, to 1,768.89 and the Nasdaq Composite
dropped 11.19 points or 0.28 percent, to 3,928.674.
Ralph Lauren Corp shares advanced 5.4 percent to
$180.35 after the designer clothing company raised the lower end
of its full-year sales forecast on the expectation of strong
gains during the holiday quarter and increased its dividend.