U.S. stocks little changed as investors monitor economic data

Goodyear Slumps

Goodyear dropped 11 percent to $11. The company posted a quarterly adjusted profit of 53 cents a share. The average estimate of eight analysts surveyed by Bloomberg was for a profit of 59 cents. The results excluded one-time items, such as accelerated depreciation and pension settlements in the U.K.

CA Inc. dropped 8.7 percent to $22.73. The maker of software for managing information technology cut its fiscal 2013 revenue forecast, citing lower-than-expected new product sales amid a weaker global economy.

Deckers Outdoor Corp. tumbled 17 percent to $29.56 after cutting its forecast for annual sales growth by almost two- thirds amid declining demand for its UGG brand sheepskin boots.

VeriSign plunged 16 percent to $39.34. The company, which operates the registry for .com names, submitted the agreement to provide that service to the U.S. Commerce Department on June 26 and anticipated an approval by Nov. 30, according to a statement yesterday. The agency, which along with the U.S. Department of Justice, is reviewing the agreement and may not complete the review on time, the Reston, Virginia-based company said.

Dean Foods

Dean Foods Co. tumbled 11 percent to $16.69. The largest U.S. dairy processor was downgraded to hold from buy at Stifel Nicolaus & Co. by equity analyst Christopher Growe.

ImmunoGen Inc. sank 16 percent to $11.53 after the biotechnology company reported a royalty rate structure with partner Roche Holding AG that disappointed investors.

The S&P 500 Property & Casualty Insurance Index slipped 0.6 percent. The eight-member gauge has declined for six straight days, its longest losing streak since May. Travelers Cos., the lone insurer in the Dow, lost 0.8 percent to $71.56. Allstate Corp. fell 1.1 percent to $40.06.

Hurricane Sandy, dubbed “Frankenstorm” because it is forecast to reach the U.S. East Coast near Halloween next week, will cause insured losses of as much as $4.9 billion, Bloomberg Industries analyst Jonathan Adams estimated, citing Kenetic Analysis Corp.

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments
comments powered by Disqus