Stocks declined for a second day as disappointing economic data and unease over Europe offset positive corporate results. Initial jobless claims declined but were still higher than what analysts expected. Also, existing home sales dipped 2.6%, a sign that the housing recovery remains on shaky ground. The Philadelphia Fed regional manufacturing index also fell, coming in below expectations. Meanwhile, investors were also mildly relieved that an auction of €2.5 billion of Spanish 10-year bonds drew strong demand. Techs stocks fell mostly into the red, with Apple leading the way as concerns rose about a potential delay for the next iPhone model. Apple was down 3.4%. Qualcomm lost 6.6% a day after the co. told investors that it was dealing with a manufacturing shortage of 28 nanometer chip products, that would weigh down its results a bit for the rest of the fiscal year. eBay soared more than 13.2% on the company’s upbeat results. The Internet auction site reported a 20% gain in its first-quarter profit. In the evening trade Microsoft and Advanced Micro Devices each climbed 3.1% and 1.6% respectively following quarterly results that surpassed expectations. Meanwhile, SanDisk lost 13% after the company’s quarterly sales view fell short projection. Implied volatility inched higher on massive trading volumes.
