Stocks closed nearly flat Tuesday as disappointing earnings from Alcoa Inc. disturbed investors one day after the Dow Jones Industrial Average closed above 11,000 for the first time since June 2001.
The Dow Jones Industrial Average fell 0.32, or nearly flat, to 11,011.58. The S & P; 500 slipped 0.46, or 0.04 percent, to 1,289.69. The Nasdaq Composite Index rose 1.63, or 0.1 percent, to 2,320.32.
Local movers were led by Macerich Co., which gained 2.8 percent to $73.57, and Occidental Petroleum Corp., which rose by 1.7 percent to $90.90. On the down side, Daily Journal Corp. slipped 4.5 percent to $42 and Arden Group Inc. fell 2 percent to $87.91.
Shares of California Pizza Kitchen Inc. dipped 4.1 percent to $32.54 after the L.A.-based company cut its fourth-quarter profit outlook, citing hurricane-related closures and costs from remodeling two restaurants.
Big 5 Sporting Goods Corp. fell 5.8 percent to $21.39 after the El Segundo-based retailer said late Monday it now expects to earn between 32 and 35 cents per share in the fourth quarter, down from previous guidance of between 40 and 44 cents per share. The company cited soft holiday sales and higher-than-expected distribution costs.
Stamps.com Inc. rose 2.1 percent to $26.34 after the Internet-based postage provider's stock was rated "buy" in new coverage by Needham & Co. The 12-month price target was set at $30 per share.
Skechers USA Inc. edged up 1.1 percent to $17.32 after the Manhattan Beach-based shoe manufacturer said late Monday it expects its fourth-quarter sales to be at the high end of its previously issued guidance of $210 million to $220 million, which is on par with analysts' estimates of $217.7 million.
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