Stocks fell again on Friday following disapointing consumer confidence data and additional lackluster earnings. Housing starts rose less than was estimated at an annual rate of 896,000. Shares of Netflix (NFLX) rose after announcing a deal with Scholastic Inc. (SCHL) and Pandora (P) rallied as JP Morgan Chase analysts stated that the company is still their top small-cap choice. Nordstrom Inc. (JWN) reported missed earnings late on Thursday and continued to slide 3.7% on Friday. The company lowered its yearly outlook despite higher Q2 earnings. The US dollar was able to regain some its losses from earlier in the week. Metals rallied on Friday and saw the best weekly performance in almost five years. Silver alone jumped 14%.
Word on the Street
- US consumer sentiment takes a hit and housing starts miss forecasts.
- Banks clash with US regulators regarding proposal for the repurchase market.
- SEC approves sale of NYSE to ICE, or the IntercontinentalExchange, for $8 billion.
- AOL’s (AOL) 500 Patch layoffs begin, shares down in afternoon trading.
- The US dollar reverses some of its losses from earlier in the week.
- Is BlackBerry (BBRY) Planning to Go Private?