After Market: Dow, Nasdaq Composite Inch Up, S&P 500 Dips
Stock market bulls hit the pause button on Tuesday after the recent run of record highs.
The Dow Jones industrial average (^DJI) edged up 2 points to another record high, the Standard & Poor's 500 index (^GPSC) slipped by less than a point, and the Nasdaq composite (^IXIC) added 1 point.
Radio Shack (RSH) tumbled 10 percent after reporting its quarterly loss widened. It also plans to close 200 stores.
Some other retailers posted strong gains. Chico's (CHS) rose 7½ percent on a Financial Times report that the women's fashion chain has held talks to sell itself. Burlington Stores (BURL) gained 5½ percent. It swung to a profit. Pep Boys (PBY) gained 8 percent. Earnings fell short of expectations, but the auto parts chain issued an upbeat sales outlook. Best Buy (BBY) gained 2 percent after boosting its dividend. And Five Below (FIVE) rose 3 percent after naming the head of Walmart.com (WMT) as its new president.
Facebook (FB) also gained, up 4½ percent, on new hire. It brought on the highly respected president of eBay's (EBAY) PayPal unit. EBay fell 2½ percent. By the way, Facebook shares have soared about 170 percent over the past year.
Also in the Internet and social media group, Twitter (TWTR) rose 2½ percent on a Wells Fargo (WFC) upgrade, and LinkedIn (LNKD) gained 4-1/2 percent.
A big deal may be brewing in the beer industry. It's a bit complicated, but follow along. There's talk that Molson Coors (TAP) may be interested in buying MillerCoors. That could depend on whether MillerCoors joint venture partner, SAB Miller (SAB), goes ahead with its planned deal with Anheuser Busch (BUD). On the rumors, Molson Coors is up 5 percent today, SABMiller is up 6 percent and Anheuser Busch is up 3 percent.
Sticking with stuff you drink: Keurig Green Mountain (GMCR) added 1 percent after teaming up with the Subway restaurant chain.
Elsewhere, Achillion Pharmaceuticals (ACHN) rallied for a second straight day, up another 83 percent, after the Food and Drug Administration lifted a hold on its hepatitis C treatment. Achillion shares have soared nearly 190 percent in the past week.
And Receptos (RCPT) soared 37 percent as clinical tests show its multiple sclerosis drug reduces brain lesions.
What to Watch Wednesday:
The Treasury Department releases the federal budget for May at 2 p.m. Eastern time.
These major companies are scheduled to release quarterly financial statements:
-Produced by Drew Trachtenberg.
