U.S. stocks ended in red, reversing early gains, following a surprise drop in sales of new homes in December, offsetting better-than-expected data on orders for durable goods.
The Dow industrial average lost 0.18 percent to finish at 12,734.60. The Nasdaq Stock Market fell 0.46 percent to end at 2,805.28. Standard and Poor's 500 slipped 0.57 percent to close at 1,318.45 on Thursday.
On the economic front, sales of new single-family homes dropped 2.2 percent to 307,000 for December from a revised 314,000 in November, while economists' estimated a sales rise of around 320,000.
The number of Americans who continued to receive jobless benefits rose more-than-forecast to 377,000 last week from a revised 356,000 in the prior period when it dropped to lowest in nearly four years, while economists projected an increase to 370,000.
Orders for durable goods rose more-than-expected to 3 percent following a revised 4.3 percent increase in the previous month, the Commerce Department reported. Economists projected a 2 percent rise.
Hot Stocks: (SBUX, JNPR, ETFC, MWW, QLGC, RMBS, MITI)
In corporate news, Starbucks Corp. (NASDAQ:SBUX) dropped 1.9 percent in extended trading to $47.37 after coffee maker raised its fiscal 2012 earnings view below consensus. The company lifted its annual earnings per share forecast to a range of $1.78 to $1.82, versus Wall Street view of $1.83 a share. SBUX said it earned $0.50 per share in the first quarter on revenue of $3.4 billion, beating expectations.
Juniper Networks (NASDAQ: JNPR) slumped 8.0 percent to $20.65 in extended trading after the company issued a weak forecast for the first quarter. Juniper expects non-GAAP earnings per share to range between $0.11 and $0.14 on revenue between $960 million and $990 million. Analysts' expect earnings of $0.26 on revenue of $1.1 billion for the March quarter. The company also reported lower fourth-quarter earnings, blaming weak demand from service providers.
QLogic Corp. (NASDAQ:QLGC) rose 3.5 percent in extended trading to $17.63 after the networking services provider posted better-than-expected third quarter results. Non-GAAP earnings per share were 36 cents on revenue of $152.7 million, above consensus of 34 cents and $150.2 million, respectively.
Rambus Inc.
