– National
Stocks extended their losses into a second day Thursday after a cautious outlook from homebuilder Toll Brothers Inc. and a surge in energy prices rattled investors.
The Dow Jones Industrial Average fell 55.79, or 0.5 percent, to 10,755.12. The Standard & Poor’s 500 Index slipped 1.53, or 0.1 percent, to 1,255.84. The Nasdaq Composite Index dipped 5.55, or 0.3 percent, to 2,246.46.
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– Local
Local movers were led by Jacobs Engineering Group Inc., which rose 1.7 percent to $65.46. On the down side, shares of Teledyne Technologies Inc. lost 3.4 percent to $30.99 and Reliance Steel & Aluminum Co. fell 1.6 percent to $65.32.
Shares of real estate investment trusts rose after CenterPoint Properties Trust agreed to be acquired by real estate investment group CalEast Industrial Investors LLC for $3.4 billion. The deal lifted shares of a number of REITs on speculation the industry may begin a wave of consolidation. Kilroy Realty Corp. jumped 2.2 percent to $62.16 on the news; Maguire Properties Inc. rose 0.9 percent to $31.23; Arden Realty Inc. edged up 0.9 percent to $45.25; and Public Storage Inc. gained 0.5 percent to $69.87.
Korn/Ferry International jumped 4.5 percent to $19.62 after the Los Angeles-based executive search firm matched analysts’ expectations for its second-quarter earnings of 25 cents per share. Its third-quarter outlook for earnings and revenue is in line with Wall Street forecasts.
Electronic Clearing House Inc. plunged 8.4 percent to $10.07 after the Camarillo-based electronic payment processor reported, late Wednesday, fourth-quarter earnings that came in 1 cent below analysts’ expectations. Revenue rose 21.5 percent to $15.2 million, beating Wall Street’s forecast of $14.55 million.
