YRC Worldwide and CBOT Tumble; Level 3 Communications, Jabil Circuit Both Jump Following Strong Forecasts
As stocks pulled back, YRC Worldwide and CBOT Holdings took major tumbles, while Jabil Circuit and Level 3 Communications adopted the opposite tack.</br></br>The Dow Jones Industrial Average dropped 47.14 points, or 0.42%, to 11270.29, after coming within roughly 20 points of a six-year high on Wednesday. The Nasdaq Composite Index fell 3.2, or 0.14%, to 2300.15, and the Standard & Poor's 500-stock index shed 3.37, or 0.26%, to 1301.67.</br></br>"Today investors were worried about inflation and rates going higher," said Larry Peruzzi, senior equity trader at Boston Company Asset Management. "We saw an existing home-sale number that was the highest in two years. And there was a spike in the price of oil after the unexpected drop in inventories."</br></br>YRC Worldwide plunged $6.73, or 15%, to $38.56 on the Nasdaq Stock Market. The trucking and delivery company, formerly known as Yellow Roadway, reduced its first-quarter earnings estimates, citing cost overruns and lower volumes from inventory adjustments at large retailers. The news contributed to a decline by 19 of the Dow Jones Transportation Average's 20 components. UPS was the lone gainer, adding one cent to 78.86.</br></br>CBOT Holdings, parent of the Chicago Board of Trade, lost 14.27, or 11%, to 117.40. Investors were said to be taking profits following the stock's run-up over the last week. Coming into yesterday's session, shares had risen nearly 14% since March 16.