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US stocks snap 4-week win streak

Friday, Jul 26, 2013 - 02:14

July 26 - The Dow bounced back from a 150 point deficit to close higher. Expedia nose-dived 27 percent on a weak profit report. Fred Katayama reports.

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The Dow bounced back from a 150 point deficit to end the session barely higher despite poor earnings from big internet names like Expedia. But the S&P 500 broke a four-week win streak, shedding a fraction for the week. GoodHaven fund manager Keith Trauner: SOUNDBITE: KEITH TRAUNER, FUND MANAGER, GOODHAVEN (ENGLISH) SPEAKING: "It's just a time where after the indexes have doubled over a couple of years, people probably should be getting a little more cautious and a little more skeptical about the prices they're willing to pay." They got a lot more skeptical over Expedia. The online travel agency's shares nose-dived 27 percent, wiping out more than $2 billion from its market value. Its profit fell far short of expectations, and it cut its outlook for the full year. The CEO blamed its discount travel site, Hotwire, for its poor performance. Private equity firm KKR's profit fell 74 percent and widely missed estimates. Miserly increases in the value of its funds accounted for the plunge. The stock shed more than 1 percent. Strong sales in Latin America helped consumer products maker Newell Rubbermaid beat expectations and lift its earnings forecast. But its stock gave up ground. Newell got word of some sweet data. Consumer sentiment unexpectedly rose to its highest level in six years in July. Barclays senior U.S. economist Michael Gapin says that should boost spending. SOUNDBITE: MICHAEL GAPIN, SENIOR U.S. ECONOMIST, BARCLAYS (ENGLISH) SAYING: "Consumer sentiment is reflecting some of the underlying fundamental factors like better balance sheets, better wealth positions, slightly better job markets over time. As we move into the second half of the year and early next year, consumer sentiment will translate into better, stronger, more durable consumer spending." With half of S&P 500 companies reporting results, more than 67 percent have beaten Wall Street's expectations. That's in line with the average beat of the last four quarters. At the federal courthouse near Wall Street, the hedge fund owned by the billionaire trading legend Steven Cohen, SAC Capital Adivsors, pleaded not guilty. SAC has been indicted on insider-trading charges. In Europe, stocks fell slightly for the second straight day, losing ground for the week.

US stocks snap 4-week win streak

Friday, Jul 26, 2013 - 02:14

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