– National
Stocks tumbled Tuesday as the bond market gave signals that in the past have preceded economic slowdowns. The Dow lost more than 100 points.
The Dow Jones Industrial Average fell 105.50, or 1 percent, to 10,777.77. The S & P; 500 slipped 12.12, or 1 percent, to 1,256.54. The Nasdaq Composite Index lost 22.53, or 1 percent, to 2,226.89.
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– Local
Local movers were led by American Business Bank, which gained 3.8 percent to $41, CB Richard Ellis Group Inc., which rose 1.8 percent to $59.42, and Daily Journal Corp., which edged up 1.9 percent to $46.12. On the down side, Arden Group Inc. dropped 3.8 percent to $87.04, shares of Reliance Steel & Aluminum Co. dipped 2.9 percent to $61.20 and Cadiz Inc. fell 7.9 percent to $18.60.
Shares of Occidental Petroleum Corp. sank 3.4 percent to $79.84 after Vintage Petroleum Inc., the Tulsa, Okla.-based oil company that agreed to be acquired by Occidental for $3.8 billion, said its board approved a repatriation of $200 million in cash and $250 million in debt from its overseas operations. Vintage said it expects to record an additional income tax expense of $50 million during the fourth quarter as a result of the repatriation.
Diodes Inc. slipped 1.7 percent to $32.29 after the Westlake Village-based discrete semiconductor manufacturer was rated “buy” in new coverage by WR Hambrecht + Co. The 12-month price target was set at $40 per share.
