Shares Recede in Quiet Session As Investors Await Key Data

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Associated Press
Tuesday, April 15, 2008; Page D05

NEW YORK, April 14 -- Stocks finished a quiet session moderately lower Monday as investors waited for a raft of quarterly results and economic data later this week.

The Dow Jones industrial average fell 23.36, or 0.19 percent, to 12,302.06. The Standard & Poor's 500-stock index fell 4.51, or 0.34 percent, to 1328.32, and the Nasdaq composite index fell 14.42, or 0.63 percent, to 2275.82.

Wachovia surprised investors by posting a first-quarter loss of $350 million and cutting its quarterly dividend by 41 percent. The bank, which analysts had expected to post a profit, also said it plans to raise $7 billion through a stock offering.

But investors appeared to find some encouragement from a better-than-expected report on retail sales. The Commerce Department's reading on March sales, which showed a modest 0.2 percent rise after February's 0.6 percent decline, appeared to quell some unease about the economy. Excluding a 1.1 percent rise at gasoline stations, though, retail sales would have been flat last month.

Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, said many investors are holding off on major moves ahead of corporate results and economic figures on inflation due later in the week.

"Today just seems like just a break from the massive selling we saw Friday. We want more confirmation from companies reporting earnings this week if indeed earnings are going to be weak or if the first inning was just a bad start to the game," he said in reference to the early flow of first-quarter results.

In dealmaking news, Blockbuster said it is taking an unsolicited bid for Circuit City directly to shareholders. Blockbuster said the consumer electronics chain has dragged out a deal that has been under negotiation for months.

And officials at Northwest Airlines and Delta Air Lines were mobilizing over the weekend to announce a merger. Shares of both airlines rose Monday.

Movers

Wachovia fell $2.26, to $25.55.

Northwest Airlines rose 26 cents, to $11.22.

Delta Air Lines gained 47 cents, to $10.48.

Intel lost 55 cents, to $20.69. The semiconductor maker is to report earnings Tuesday.