Media, retail losses pull stocks from highs
NEW YORK — U.S. stock indexes retreated from their record highs Thursday as retailers and media companies declined and investors shrugged at quarterly reports from a few big banks.
JPMorgan Chase and Citigroup both did better than analysts expected in the third quarter, but their stocks fell and so did shares of other banks.
CFRA Investment Strategist Lindsey Bell said the companies reported good results from consumer banking businesses, but other divisions didn’t do as well.
“The bar was set kind of high,” she said. “Given the run that these stocks have had into these earnings reports, they’re going to need to see these other businesses pick up steam.”
The Standard & Poor’s 500 index fell 4.31 points, or 0.2 percent, to 2,550.93. The Dow Jones industrial average lost 31.88 points, or 0.1 percent, to 22,841.01. The Nasdaq composite dipped 12.04 points, or 0.2 percent, to 6,591.51.
AT&T said it lost about 90,000 DirecTV video subscribers in the U.S. in the third quarter because of growing competition in streaming video services. The company said tighter credit standards and hurricanes also affected its business. AT&T stock fell $2.33, or 6.1 percent, to $35.86. Verizon Communications shed 51 cents, or 1 percent,
to $48.35, and cable provider Comcast fell $1.47, or 3.8 percent, to $35.95. Dish Network slid $2.62, or 5.1 percent, to $49.03. Cable channel operator Discovery Communications lost 72 cents, or 3.6 percent, to $19.28.
Citigroup fell $2.57, or 3.4 percent, to $72.37, and JPMorgan gave up 85 cents to $95.99.
J. Jill stock nosedived after the retailer of women’s clothes, shoes and accessories slashed its outlook for the third quarter. J. Jill stock opened at $13 a share after its March IPO and on Thursday plunged $5.07, or 51.1 percent, to $4.86.