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Day four of stock drops
Thursday, March 26, 2015 - 01:40
Stocks lost ground for the 4th day in a row this week, in a choppy session. Bobbi Rebell reports.
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Stocks took a hit on Thursday after Saudi Arabia and its allies launched air strikes on Yemen. Shares fell for the fourth straight session. And the military operation sent oil prices north. That surge in oil prices took the wind out of airline stocks. Apple's taking on Spotify. Shares rose after the New York Times reported it's developing a subscription-based music streaming service. Twitter flew higher. The microblogging service launched a live-streaming video app that'll let users replay videos, unlike the app by rival Meerkat. It's called Periscope. Jackdaw research's Jan Dawson: SOUNDBITE: JAN DAWSON, CHIEF ANALYST, JACKDAW RESEARCH (ENGLISH) SAYING: "I felt like the design in the app was much nicer, frankly. The Periscope app looks a lot more at home on iOS where things tend to be a bit more polished compared to Meerkat, which feels a bit pulled together at the last minute. It's kind of rough around the edges." The biggest drag on the Nasdaq: Sandisk. The memory chip maker lowered its revenue forecast for the current quarter due to disappointing sales of enterprise products, among other things. BTIG downgraded the stock to "neutral" from "buy" and withdrew its price target. Lululemon issued a weak outlook. But its stock rose sharply after the yoga pants retailer reassured investors that the temporary West Coast port delays and strong U.S. dollar were the culprits. The number of Americans filing jobless claims fell more than expected last week, And a preliminary read on the service sector rose to its highest level since September. Overseas, European stocks fell for the second straight day.
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Day four of stock drops
Thursday, March 26, 2015 - 01:40
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