Stocks End Lower, Dow Snaps Three-Day Winning Streak
Claman on Call: FBN’s Liz Claman with an after-hours web exclusive on the markets and Yahoo, Chipotle and IBM stocks.
Stocks kissed a three-day winning streak goodbye Tuesday, edging lower as investors waded through the latest flood of earnings. The Dow lost 9 points to close at 17,221, the S&P shed 2 points, and the Nasdaq fell 24 points.
Yahoo's (NASDAQ:YHOO) stock dropped after hours as investors reacted to the Internet firm's earnings, which showed a beat on revenue but a slight miss on profit. This, as the brain drain continues. Four top high-profile execs have fled the Silicon Valley giant in recent months.
Those long lines at Chipotle (NYSE:CMG) didn't translate to the spicy profits investors were hoping for. While hitting revenue targets, the fast-casual burrito chain fell short of profit estimates. But for all you burrito-bowl-with-pork fans, Chipotle has worked to resolve a pork shortage that began in January after a supplier didn't meet animal welfare standards.
IBM (NYSE:IBM) was the biggest drag on the Dow Tuesday, tumbling nearly 6%. Profit came in slightly above estimates, but a big miss on revenue pushed the tech giant down to its lowest level in five years.
New lifetime highs Tuesday for both Facebook (NASDAQ:FB) and Starbucks (NASDAQ:SBUX). It was the second new high in a row for the coffee and cake pop giant!
Monster Beverage, which is owned by Coca-Cola (NYSE:KO) may have the golden arches to thank for its stock boost Tuesday. The energy drink maker climbed more than 7% on reports McDonald's (NYSE:MCD) is testing its beverages at a few locations.
The stock that stalled Tuesday? Tesla (NASDAQ:TSLA). Shares tumbled as much as 11% after the Model S got a worse-than-average score in reliability from Consumer Reports.
The electric car maker has lost steam since the summer, down 28% since its July 20 high.