- POSTED: 13 Sep 2013 05:01
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US stocks fell on Thursday, with uninspired trade putting a halt to the S&P 500's streak of seven straight gains.
NEW YORK: US stocks fell on Thursday, with uninspired trade putting a halt to the S&P 500's streak of seven straight gains.
At the close, the Dow Jones Industrial Average was down 25.96 points (0.17 percent) at 15,300.64.
The broad-market S&P 500 slipped 5.71 points (0.34 percent) to 1,683.42, while the tech-rich Nasdaq Composite fell 9.04 points (0.24 percent) to 3,715.97.
Dell shares were flat at $13.85 after shareholders voted in favour of founder Michael Dell's $25 billion plan to take the company private, after seven months battling investors like Carl Icahn demanding a better deal.
Under the terms of the deal, Dell shareholders will receive $13.75 per share in cash plus a special dividend of 13 cents per share.
Shares in Walt Disney Co. jumped 2.4 percent after chief financial officer Jay Rasulo said that the entertainment giant plans a huge share buyback in 2014 that could amount to as much as $8 billion.
"We've been buying at the pace of $4 billion for the last couple of years. And we really see the opportunity, given where our share price is, given where capital markets are, to target at least $6 and possibly up to $8 billion in buybacks" next year, he told analysts at the Bank of America Merrill Lynch Media, Communications & Entertainment Conference
Women's sport apparel chain Lululemon Athletica dropped 5.4 percent after being the latest in fashion houses to deliver a report of sinking earnings and give a warning over earnings for the rest of the year.
Likewise, Men's Wearhouse sank 12.1 percent on its poor fiscal second quarter, with earnings falling 28 percent, and a reduced full-year forecast.
Pandora Media, the popular online music streamer, jumped 12.1 percent after naming a former Microsoft executive, Brian McAndrews, as its new chief executive and president, as well as board chairman.
Apple shares bounced back slightly, gaining 1.1 percent after Wednesday's 5.4 percent beating on disappointment with its launch of two iPhone models, especially the prospects for a cheaper model's sales in China.
Among Dow components, Verizon gained 1.8 percent and rival AT&T 1.2 percent, while JPMorgan Chase fell 1.9 percent and Hewlett-Packard, to be dropped from the index later this month, sank 1.4 percent.
Bond prices were flat. The yield on the 10-year Treasury held at 2.91 percent and the 30-year remained at 3.85 percent. Prices and yields move inversely.