Me­dia, re­tail losses pull stocks from highs

Richmond Times-Dispatch - - MONEY & MARKETS -

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.

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