By VICTOR REKLAITIS, INVESTOR’S BUSINESS DAILY
Stocks showed little change Wednesday, closing narrowly mixed in their first trading session following a two-day halt due to Superstorm Sandy.
The S&P 500 closed up a fraction and near the middle of its trading range for the day. The Dow Jones industrial average dipped less than 0.1%. The Nasdaq fared worst, falling 0.4% as Apple’s (AAPL) 1% drop weighed on the tech-heavy index. Volume increased from Friday’s levels on both main exchanges, according to early data.
After the market’s close, Cirrus Logic (CRUS) initially jumped but then was about flat as it reported fiscal second-quarter profit and revenue that beat estimates. Cirrus, No. 12 in the latest IBD 50, also guided Q3 revenue above expectations.
The chip designer, which analysts say supplies audio chips for Apple devices, has been working on a new base and trading near its 10-week moving average. During the regular session, Cirrus rose nearly 3% in average volume.
Also after hours, Visa (V) rose as its adjusted fiscal Q4 profit beat forecasts. Revenue also came in slightly above expectations. The credit card giant, No. 7 in the IBD 50, has been trading tightly for several weeks just above its 10-week moving average.
During Wednesday’s regular session, Apple shed 1% as investors got their first chance to react to a management shakeup announced Monday, when the market was closed. The stock closed under the 600 level for the first time since July 30. It’s now 15% off its Sept. 21 high.
On the economic front Wednesday, Midwest region manufacturing unexpectedly continued to shrink in October. The Chicago Purchasing Managers Index edged up to 49.9, below expectations for a rise to 51. Readings below 50 indicate contraction.
On Thursday, the economic news will include fresh readings on auto sales, consumer confidence, manufacturing, jobless claims and construction spending. IBD 50 stock GNC Holdings (GNC) and December IPO TripAdvisor (TRIP) are among the companies slated to report quarterly earnings.