– National
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.
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– Local
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.
