The Nasdaq composite and S&P 500 ended their seven-day win streaks as Tesla (TSLA), a market darling in the new year, slid on a bearish analyst comment.
The Nasdaq and S&P 500 closed 0.1% lower as they pared losses. The Dow Jones industrial average inched up a fraction, after Cisco Systems (CSCO) jumped nearly 3% on the network equipment company's encouraging quarterly results.
Small caps lagged as the Russell 2000 fell 0.4%. The Dow utilities average led with a 1% increase.
Volume was lower, according to preliminary data. Losers led winners by 3-to-2 on the NYSE and by 9-to-7 on the Nasdaq.
Retail, auto and casino stocks were among the weakest in today's trading.
Tesla fell 4% after UBS reiterated a sell rating on the maker of electric cars, noting risks from its Model 3 and acquisition of SolarCity. Tesla remains above the 258.56 buy point of a cup-with-handle base.
Molina Heathcare (MOH) topped the stocks dropping in unusually heavy volume. Shares gapped down 18%, roiling a base that the HMO had been forming for months. Volume was about 15 times more than average. Molina late Wednesday reported Q4 results that missed expectations. The company cited losses in its ObamaCare programs, and said it may reduce its participation in those health insurance marketplaces next year.
GoDaddy (GDDY) tumbled 4% after the internet domain name company posted a loss of 2 cents a share. Adjusted earnings were 10 cents a share. The stock broke out past a 36.76 buy point Wednesday in big volume, but fell as much as 6% below the entry.
Two breakouts were bright spots Thursday.
NetEase (NTES) blasted to new highs after the Chinese provider of online games beat quarterly expectations. Shares are extended from a 257.78 buy point reached in a breakout Feb. 6. Aggressive investors can use the powerful gap-up to buy, but they must do so close to Thursday's opening price of 283.39, and shares are about 5% above that level.
Dave & Buster's (PLAY) topped the 58.35 buy point of a flat base. But the arcade-style restaurant chain closed just below the entry. Volume was below average, which added to the uncertainty about the breakout.
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