Strong growth in the nation's gross domestic product renewed investors' fears that the Federal Reserve would continue raising interest rates, sending stocks to a barely mixed finish. But despite the drop, the market ended November with notable gains.
The Dow Jones Industrial Average fell 82.29, or 0.8 percent, to 10,805.87. The S & P; 500 dropped 8, or 0.6 percent, to 1,249.48. The Nasdaq rose 0.11, nearly flat, to 2,232.82..
Local movers were led by Arden Group Inc., which rose 3.4 percent to $87.24, and Saehan Bancorp, which gained 7.8 percent to $31.25. On the down side, UTI Worldwide Inc. sunk 1.9 percent to $97.29 and shares of City National Corp. fell 1.6 percent to $73.03.
Shares of Semtech Corp. soared 19.2 percent to $19.91 after the Camarillo-based analog and mixed-signal semiconductors manufacturer reported late Tuesday that its third-quarter earnings beat Wall Street estimates by a penny. The company reported a quarterly profit of $11.5 million (15 cents per share), down from $14.6 million (19 cents) a year earlier.
Homestore Inc. gained 4 percent to $4.41 after announcing it sold $100 million in preferred stock to private equity group Elevation Partners LP. As part of the agreement, Elevation principals Fred Anderson and Roger McNamee will join Homestore's board by Dec. 8. The Westlake Village-based company plans to use the proceeds of the investment for general corporate purposes, which may include strategic growth initiatives and acquisitions.
Shares of Digital Insight Corp. slipped 2.2 percent to $33.12 after the Calabasas-based online banking applications provider's stock rating was cut to "neutral" from "buy" by SunTrust Robinson Humphrey. Analyst Andrew W. Jeffrey downgraded the company because he said its stock price has become too overvalued.
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