Stocks fell Thursday, with inflation concerns and a disappointing earnings report from Viacom Inc. prompting investors to collect profits. A drop in oil prices failed to ease losses.
The Dow Jones Industrial Average fell 67.95, or 0.6 percent, to 11,069.22. The Standard & Poor's 500 Index dropped 4.88, or 0.4 percent, to 1,287.79. The Nasdaq Composite Index lost 3.85, or 0.2 percent, to 2,279.32.
Local movers were led by International Aluminum Corp., which gained 3.4percent to $42.18, and Wesco Financial Corp., which rose 0.5 percent to $389.99. On the down side, InterGroup Corp. fell 9.4 percent to $14.49 and American Business Bank lost 3.8 percent to $38.
Shares of some steelmakers rose after Goldman Sachs analyst Aldo Mazzaferro raised his rating on steelmakers to "attractive" from "neutral," citing higher steel prices in China and Europe. L.A.-based Reliance Steel & Aluminum Co. edged up 2 percent to $86.52 on the news.
Skechers USA Inc. jumped 8.1 percent to $21.62 a day after the Manhattan Beach-based footwear and apparel maker matched the average earnings estimate for the fourth quarter and beat Wall Street's profit and revenue outlook for the first quarter. The company expects first-quarter earnings of 29 cents to 34 cents per share on sales of $270 million to $280 million. Analysts anticipate profit of 29 cents per share on revenue of $268.99 million.
Molina Healthcare Inc. lost 3.9 percent to $28.75 after the Long Beach-based managed care organization reported late Wednesday fourth-quarter earnings of 38 cents per share on revenue of $423.2 million, which beat the consensus of 33 cents per share but missed the revenue outlook of $439.44 million.
Hanmi Financial Corp. climbed 3.2 percent to $17.87 after the stock rating for the L.A.-based holding company for Hanmi Bank was raised to "buy" from "hold" by Wedbush Morgan Securities. The 12-month price target was set at $20 per share.
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