US STOCKS-Wall St flat, Blackberry slumps; Twitter raises IPO range
* Twitter boosts top end of price range for IPO
* BlackBerry shares fall after company abandons sale,
* Indexes up: S&P 0.2 pct, Dow 0.01 pct, Nasdaq 0.2 pct
(Adds quote, adds sector performance, updates prices, updates
By Luke Swiderski
NEW YORK, Nov 4 (Reuters) - U.S. stock indexes were little
changed on Monday in below-average trading volume, while shares
of Blackberry plummeted to a 10-year low after the company
replaced its CEO.
U.S.-listed shares of Blackberry tumbled 17.2
percent to $6.43 a share after the smartphone maker said it was
abandoning a plan to sell itself. With Monday's drop, the stock
is at levels unseen since October 2003.
Twitter , meanwhile, raised the upper
end of the projected price range for its initial public offering
later in the week, an encouraging sign for the social media
The otherwise quiet start to the week follows a week of
record highs for U.S. stocks. It remains to be seen whether the
market can push higher, with much dependent on the steps the
Federal Reserve will take in the months ahead in response to
economic data. The Fed's massive bond purchases have helped prop
up the economy and the equity market for much of the year.
"There's not a lot of volume out there," said Weston Boone,
vice president of listed trading at Stifel Nicolaus Capital
Markets. By 1:45 p.m. ET, about 2.89 billion shares had changed
hands on the New York and Nasdaq stock exchanges, suggesting a
The benchmark S&P index has risen 4.3 percent over
the past four weeks as the partial U.S. government shutdown in
October pushed back expectations for the Fed to begin curtailing
its stimulus measures into the first quarter of 2014.
The Dow Jones industrial average rose 2.33 points or
0.01 percent, to 15,617.88, the S&P 500 gained 3.35
points or 0.19 percent, to 1,764.99 and the Nasdaq Composite
added 6.872 points or 0.18 percent, to 3,928.914.
St. Louis Federal Reserve President James Bullard told CNBC
television the Fed should not rush a decision to scale back its
asset purchase program because of low inflation.
Recent manufacturing data have been stronger than expected,
lending weight to the argument that the economy may be sturdy
enough to handle an earlier-than-expected reduction in the
central bank's bond-buying program.
The S&P Energy Index rose 0.8 percent to 632.83. The
sector's top performer was Peabody Energy Corp (Symbol : BTU), which
rose 3.84 percent to $20.82. Exxon Mobil Corp (Symbol : XOM) was up
$1.85 to $91.67.
Kellogg Co (Symbol : K) advanced 1.1 percent to $62.98 after the
cereal maker reported a 3 percent rise in quarterly profit, and
said it would slash 7 percent of its workforce by 2017.
With about 75 percent of S&P 500 companies having reported
results so far, 69 percent have topped Wall Street's
expectations, above the long-term average of 63 percent. Just 53
percent have topped revenue forecasts, below the 61 percent
average since 2002, Thomson Reuters data showed.
(Editing by Bernadette Baum and Nick Zieminski)
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