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Thursday, Feb 2, 2023

Stocks End Mixed on Higher Oil Prices

Stocks finished an up-and-down session mixed Tuesday as investors weighed higher oil prices against strong earnings that beat estimates from companies including Verizon Communications Inc. and Texas Instruments Inc.

The Dow Jones Industrial Average fell 16.71, or 0.2 percent, to 10,579.77. The Standard & Poor’s 500 Index rose 2.13, or 0.2 percent, to 1,231.16. The Nasdaq Composite Index rose 9.25, or 0.4 percent, to 2,175.99.

Oil prices ended higher as the market awaited U.S. inventory data expected to show a fourth weekly decline in crude oil stockpiles last week. U.S. light sweet crude for September delivery settled up 20 cents to $59.20 a barrel.

On the earnings front, Verizon rose 11 cents to $34.13 after its second-quarter profit rose 19 percent. And Texas Instruments’ quarterly profit rose 42 percent, as the semiconductor maker benefited from lower inventory levels among customers and vigorous demand for chips in new electronic gadgets.

Among local movers, shares of j2 Global Communications Inc. rose 9 percent to $39.75 after the L.A.-based messaging and communications services company beat analysts’ estimates for its second quarter results, which were released late Monday. The company reported net income of $11.7 million (46 cents per diluted share) on revenues of $34.9 million. On Tuesday, j2 Global’s stock rating was raised to “strong buy” from “buy” by analyst Frank Marsala at First Albany Corp.

Jacobs Engineering Group Inc. gained 5.8 percent to $59.22 after the Pasadena-based technical and construction services company reported net income of $40.1 million (68 cents per diluted share) for the third quarter, beating analysts’ forecasts of 66 cents per share.

And Entravision Communications Corp. edged up 2.3 percent to $8.46 after Univision Communications Inc. agreed to purchase two of the Santa Monica-based Spanish-language media company’s radio stations KBRG-FM and KLOK-AM serving the San Francisco/San Jose market for $90 million.

On the down side, shares of Gemstar-TV Guide International Inc. sank 9.9 percent to $3.18 after the L.A.-based company announced that it would absorb losses of as much as $110 million over the next two years due to a complete overhaul of its TV Guide publication. The new TV Guide will have a much smaller circulation, a larger, full-color format, fewer listings and more stories about TV shows and stars.


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