Stocks ended mixed on Wednesday as crude oil prices fell from record levels and Time Warner Inc. reported disappointing earnings.
The Dow Jones Industrial Average rose 13.85, or 0.1 percent, to 10,697.59. The S & P; 500 gained 0.92, or 0.1 percent, to 1,245.04, its best close since June 12, 2001. The Nasdaq Composite Index lost 1.34, or 0.1 percent, to 2,216.81.
The weekly petroleum-supply snapshot from the Department of Energy which showed growing supplies of crude oil and diesel, and declining domestic inventories of gasoline helped send oil prices down by more than $1 a barrel on Wednesday. Light sweet crude for September delivery fell $1.03 to settle at $60.86 a barrel on the New York Mercantile Exchange. Prices had climbed to a new intraday high of $62.50 a barrel before the government data were released.
And Time Warner posted earnings that, after one-time charges, were short of analysts' expectations. The media conglomerate also said it will set aside $3 billion to settle lawsuits filed by investors upset over its 2000 merger with America Online Inc.
Among local companies, shares of Capstone Turbine Corp. jumped 22.7 percent to $2.70 after the Chatsworth-based microturbine technology manufacturer's stock rating was raised to "buy" from "accumulate" by analyst Walter Nasdeo at Ardour Capital. The price target was set at $3 per share.
MannKind Corp. edged up 11.7 percent to $11.43 after the Valencia-based biopharmaceutical company said it has a definitive pact for a $175 million private placement primarily to fund development of its Technosphere Insulin System, which is in late stage clinical trials in the U.S. and Europe.
And United Online Inc. rose 7.9 percent to $12.66 after the Woodland Hills-based consumer Internet subscription services provider reported, late Tuesday, that its second quarter adjusted earnings, excluding certain costs, rose to 27 cents a share from 25 cents a share a year ago, beating analysts' estimates by a penny.
On the down side, shares of National Lampoon Inc. plunged 22.1 percent to $3 after the L.A.-based entertainment company announced that its shares will be listed on the American Stock Exchange under the symbol "NLN" and that it will offer 3.2 million common shares at a price of $3.
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