Markets close lower even as crude oil recovers

The markets reversed course to close modestly lower with the Dow losing 27 points to 17,613 even as crude oil prices edged up. Nasdaq slipped 3 points to 4,661.

On the upside

Bebe Stores (Nasdaq: BEBE) reported that preliminary second quarter same store sales rose approximately 8%.

Jamba (Nasdaq: JMBA) appointed two directors to its board.

IHS (NYSE: IHS) reported sharply higher fourth quarter earnings that beat analyst expectations as expenses dropped.

On the downside

News that California may suspend Ocwen Financial's (NYSE: OCN) mortgage license weighed down shares of Home Loan Servicing Solutions (Nasdaq: HLSS).

KB Home (NYSE: KBH) reported higher fourth quarter earnings and revenue but earnings fell short of analyst expectations and the homebuilder warned of sharply lower margins in the current quarter.

Yamana Gold (NYSE: AUY) entered an agreement in a bought share issue deal to raise funds.

In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on both the NYSE and on Nasdaq. The broader S&P 500 lost 5 points to 2023. Bitcoin dropped $37 to $230.
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