Stocks Drop as Indicators Fall

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– National

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Stocks ended sharply lower on Thursday after a key inflation gauge hit a 25-year high and stirred fears of higher interest rates, while Pfizer Inc. posted disappointing quarterly results.


The Dow Jones Industrial Average fell 133.03 points, or 1.3 percent, to end at 10,281.10. The Standard & Poor’s 500 Index sank 17.96 points, or 1.5 percent, to finish at 1,177.80. The Nasdaq Composite Index dropped 23.13 points, or 1.1 percent, to close at 2,068.11.


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Read the full Associated Press story

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– Local

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Shares of City National Corp. rose 7.2 percent to $72.85 after the L.A.-based bank-holding company’s stock rating was raised to “buy” from “hold” by Sandler O’Neill & Partners LP. Late Wednesday, the company said third-quarter earnings rose 12 percent and it raised its full-year earnings outlook to the upper end of guidance.


Jamdat Mobile Inc. gained 4 percent to $18.89 after the L.A.-based wireless game publisher announced it was releasing a mobile version of DOOM, a game based on id Software’s popular video game franchise.


Image Entertainment Inc. rose 2.3 percent to $4.04 after the Chatsworth-based DVD and CD distributor asked Lions Gate Entertainment Corp. to raise its bid for the company by Oct. 31. On Sept. 13, Santa Monica-based Lions Gate offered to buy Image for as much as $93 million in stock.


Shares of Amgen Inc. fell 5.1 percent to $74.10 after the Thousand Oaks-based biotech company reported Wednesday that its third-quarter earnings jumped nearly fourfold but its revenue results still dipped below analysts’ estimates.


And DTS Inc. lost 3.5 percent to $15.83 after the Agoura Hills-based digital audio developer’s stock rating was downgraded to “underweight” from “neutral” by JPMorgan.

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