– National
Stocks ended the session modestly lower on Thursday as investors consolidated their holdings despite solid corporate earnings reports and the biggest drop in consumer prices in 56 years.
The Dow Jones Industrial Average fell 1.84, or 0.02 percent, to 10,881.67. The Standard & Poor’s 500 Index slipped 1.80, or 0.1 percent, to 1,270.94. The Nasdaq Composite Index dropped 1.96, or 0.1 percent, to 2,260.63.
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– Local
Local movers were led by CB Richard Ellis Group Inc., which rose 2.6 percent to $56.50 and Arden Group Inc., which gained 1.2 percent to $91. On the down side, shares of Guitar Center Inc. lost 4.6 percent to $50.21 and Cadiz Inc. fell 7.3 percent to $19.
Shares of Amgen Inc. rose 4.8 percent to $80.44 after the Thousand Oaks-based company said, after Wednesday’s market close, that it plans to acquire Fremont-based drug development partner Abgenix Inc. for about $2.2 billion in cash, or $22.50 per share. The deal is expected to close in the first quarter of 2006.
Hilton Hotels Corp. edged up 1.5 percent to $23.25 after the Beverly Hills-based hotelier announced that it had sold the 357-room Hilton San Diego Resort Mission Bay in San Diego County to LaSalle Hotel Properties for approximately $90.3 million.
Activision Inc. fell 8 percent to $13.15 after the Santa Monica-based video game publisher said late Wednesday that its third-quarter, fourth-quarter and full-year earnings will be “significantly lower” than its most recent outlook due to slower sales of its most profitable titles.
Mattel Inc. slipped 1.8 percent tp $16.70 after the El Segundo-based toymaker’s stock rating was cut to “sell” from “neutral” by Oppenheimer & Co. The 12-month price target was set at $13.50 per share.
