Stocks ended mixed on Thursday as concern over higher oil prices continued to worry investors, while media shares got a lift after Viacom Inc. said it is considering splitting into two separate companies.
The Dow Jones Industrial Average fell 6.72, or 0.1 percent, to 10,626.35. The Standard & Poor’s 500 Index rose 2.14, or 0.2 percent, to 1,190.21. The Nasdaq Composite Index gained 0.67, or 0.03 percent, to 2,016.42.
For most of the day, investors eyed oil prices, which hit an intraday record of $57.60 before retreating to settle at $56.40, dowm 6 cents, on the New York Mercantile Exchange.
And Viacom Inc. climbed 33 cents to $37.33 after the media conglomerate said it was considering splitting itself into two companies to boost shareholder value.
Among local companies, Teledyne Technologies Inc. gained 3.5 percent to close at $32.29 after the L.A.-based provider of electronic components announced it was leading a team that had been awarded a five-year engineering services contract from the U.S. Army Edgewood Chemical/Biological Center, worth up to $100 million.
Ratings upgrades of two L.A.-area companies sent their share prices steadily higher. Diodes Inc. jumped 1.4 percent to $25.35 after the Westlake Village-based semiconductor firm’s stock was raised to “buy” from “hold” by Matrix USA. And Cathay General Bancorp. rose 2.4 percent to close at $33.33 after the L.A.-based bank holding company’s stock was raised to “outperform” from “sector perform” by RBC Capital Markets. The 12-month price target was set at $40 per share.
On the down side, Guitar Center Inc. lost 6 percent to close at $50.84 after the Westlake Village-based music retail chain operator said it anticipated weaker-than-expected first-quarter sales, but backed its earlier earnings target. The company said sales would likely fall at the low end of its previous target of $390.6 million to $399 million, and also cut its range for same-store sales to an increase of 3 percent to 5 percent, versus its earlier target of 4 percent to 6 percent. But Guitar Center said it still expects to post earnings of 48 cents to 52 cents per share, as it first projected Feb. 9.
