– National
Stocks skidded Tuesday as oil prices rose past $66 a barrel and Wells Fargo & Co. and other bank earnings disappointed the market.
The Dow Jones Industrial Average fell 63.55, or 0.6 percent, to 10,896.32. The S & P; 500 slipped 4.68, or 0.4 percent, to 1,282.93. The Nasdaq Composite Index lost 14.35, or 0.6 percent, to 2,302.69.
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– Local
Local movers were led by First Regional Bancorp, which gained 1.7 percent to $72, and Wesco Financial Corp., which rose by 0.4 percent to $380.50. On the down side, IHOP Corp. slipped 2.9 percent to $50.48 and American Reprographics Co. fell 5.6 percent to $25.65.
Shares of energy stocks jumped after oil prices surged to a three-and-a-half month high above $66 amid concerns over potential sanctions against Iran because of its nuclear ambitions and violence erupting in Nigeria’s oilfields. L.A.-based Occidental Petroleum Corp. climbed 2.6 percent to $92.19.
MannKind Corp. soared 10.2 percent to $15.99 after the Valencia-based biopharmaceutical company said a clinical trial showed that its Technosphere inhaled insulin significantly improved the blood sugar control of diabetics when used with injected insulin.
Rotonics Manufacturing Inc. rose 6.9 percent to $3.10 after the Gardena-based plastic products maker reported second-quarter net income of $469,800 (4 cents per share) on net sales of $11.6 million, compared to net income of $181,400 (2 cents) on net sales of $9.9 million a year earlier.
Hilton Hotels Corp. fell 1.5 percent to $24.50 after the Beverly Hills-based hotelier launched a new luxury hotel line called “The Waldorf=Astoria Collection” that builds on the cachet of the renowned New York hotel. The line will debut on Jan. 31.
