Stocks Stall on Renewed European Worries Despite Positive Jobs News (ORLY, AAPL)
Stocks declined on Thursday after comments from the ECB president about the Euro decreased optimism on Europe's economic outlook. Top U.S. retailers reported strong sales in January, which surprised many investors who thought the decrease in disposable income resulting from higher payroll taxes would adversely impact these numbers. U.S. jobless claims fell last week, nearing a 5-year low as the labor market continues to show signs of healing. Auto parts distributor O'Reilly Automotive Inc (ORLY) reported earnings that beat estimates, triggering an 8% increase in the stock.Greenlight Capital said that it has sued Apple Inc (AAPL), saying that the company needs to do more to unlock value for shareholders. Despite Thursday's losses, the markets have been on an uptrend for 2013, with the S&P up more than 5%.
Word on the Street
- Shares of Macy's (M) Inc rose nearly 2% as same store sales rose 11.7% in January.
- New scandalous emails have put JP Morgan Chase (JPM) in hot water.
- The NTSB said 787 battery safety "must be reconsidered".
- Online university DeVry (DV) gained 16% as stronger-than-expected earnings were reported.
- Brazil has a 120% tax on video games, due to an old law categorizing them as gambling.
- Why companies will be pushed by investors to part with cash.
Published on Feb 7, 2013By InvestorGuide Staff