Stocks Fall On Greek Debt Worries, Log Weekly Loss

By VINCENT MAO, INVESTOR’S BUSINESS DAILY¬†

Uncertainly over Greece’s debt deal hurt stocks Friday. S&P’s downgrade of Italian banks and weak economic data didn’t help either.

The Nasdaq lost 0.8%, while the Dow Jones industrial average and the S&P 500 fell 0.7% each. Twenty-nine of 30 Dow stocks lost ground. Only Home Depot (HD) rose. The major averages suffered their biggest one-day losses of the year. Volume fell across the board, which alleviated the impact of the selling.

The market snapped a five-week win streak. The Dow fell 0.5%. But the broader S&P 500 and Nasdaq barely budged. They eased 0.2% and 0.1%, respectively.

True Religion Apparel (TRLG) gapped below its 50-day and 200-day moving averages and plunged 28% in monster trade. Late Thursday, maker of high-end jeans reported Q4 earnings and sales that missed views. The company guidance was also disappointing. Brean Murray, Caris & Co. and Benchmark all downgraded the stock Friday.

Nuance Communications (NUAN) gapped down and tumbled 13% in huge volume following late Thursday’s disappointing quarterly results. The stock closed below its 50-day line, but held above its recent 25.92 buy point. Nuance was up as much as 20% after breaking out Jan. 3

InvenSense (INVN) reversed lower and lost nearly 2% in more than twice its average volume. Despite this, the stock is still more than 50% past an 11.95 buy point from an IPO base cleared Jan. 9.

Alexion Pharmaceuticals (ALXN) rose 4% to a new high, thanks to an upgrade. Robert W. Baird raised shares to outperform from neutral. Alexion closed 18% past a 70.52 buy point from a flat base. Earlier this week, the company delivered strong Q4 results and said it expects sales of its bread and butter Soliris to surge at least 80% this year.

Iconix Brand Group (ICON) and Vitamin Shoppe (VSI) are a couple of notable companies reporting earnings Monday.

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