Wall Street wasn't buying much today -- not even what might have been a tasty offering from Domino's Pizza, Inc.
Domino's was forced to cut the price of its initial public offering the night before trading began and then saw the stock marked down by another 50 cents a share.
Originally expected to sell for $15 to $17 a share, Domino's stock was priced at $14 and by the end of the day had been marked down to $13.50.
It's hard to pull off a hot IPO in a cold market, but Domino's Pizza is not exactly contemporary cuisine -- for diners or investors.
The four-decade-old company may sell a million pizzas a day, but it sales and profit growth are running in the single digits. Back in the days when it was growing rapidly, Domino's didn't need to raise capital, so founder Thomas S. Monaghan was able to build one of the nation's biggest private companies. He eventually sold out to private investors who are now taking the stock public. They plan to use the cash raised by the $337 million offering to pay back some of the money they borrowed to buy the business from Monaghan.
Whatever the basics of Domino's business, the offering clearly hit the market when few investors were in a buying mood.
Investors today bought some health care stocks after Johnson & Johnson reported unexpectedly strong quarterly results, but they held off on tech stocks while awaiting Intel's quarterly report released after the bell.
Anticipating that Intel would reveal its sales growth slowing, investors sold off the company's stock for the second day in a row, dropping the price by 10 cents a share to $26.14 a share.
The fears proved accurate. Intel's earnings hit Wall Street's 27 cents a share target, but sales came in just below the $8.1 billion estimate. In after-market trading the stock continued to fall.
The Nasdaq Stock Market composite index fell for the seventh time in the nine trading sessions since the end of June, slipping 5 points to 1,931.66.
The Standard & Poor's 500 and the Dow Jones industrial average recorded minimal gains. The S&P was up less than a point to 1,115.14. The Dow climbed 9 points to 10,247.59.