Stocks closed mostly lower as positive results from industrial-related companies were partially offset by weakness in technology and the consumer space. Upbeat outlooks from Caterpillar and Boeing helped the Dow avoid a fourth down session. The Commerce Department reported new-home sales fell 8.4% in June, coming in well under expectations. Most of the tech sector closed with gains, but notable losses from Apple and Netflix held the attention of investors due to negative reaction to certain aspects of those companies’ earnings reports. Apple fell 4.3% after the co. reported late Tuesday that fiscal third-quarter earnings and revenue and iPhone sales came in below expectations. Netflix fell 25% after the co. reported better-than-expected second-quarter results but warned about possible Q4 losses as it expands its service into European market. AOL rose 7.24% after the co. said it swung to a fiscal second-quarter profit. In the evening trade Zynga tumbled 41% in heavy volume, with the company cutting 2012 estimates and reduced expectations for its “Draw Something” mobile game. Implied volatility inched lower on moderate trading volumes.
