The Closing Bell, 06/22: Block shares gain in advance of earnings report

Shares in H&R Block rose 6 cents Wednesday in advance of the release of the company's fourth quarter earnings report.

The Kansas City-based tax preparation and financial services firm will release its quarterly and year-end results after the market closes on Thursday. The company will also host a conference call with analysts after the earnings release.

Shares in Block closed at $16.06, up .38 percent.

Other local movers on the upside were YRC Worldwide, Inergy and Commerce Bancshares.

Among the biggest losers were Kansas City Southern, Cerner, DST and Waddell & Reed.

Overall, stocks closed lower after the Federal Reserve brought down its estimates for U.S. economic growth.

The Dow Jones industrial average dropped 80.49 points, or 0.7 percent, to close at 12,109.67. The S&P 500 index fell 8.38 points, or 0.7 percent, to close at 1,287.14. The Nasdaq fell 18.07 points, or 0.7 percent, to 2,669.19.

The Fed now expects the economy to grow between 2.7 percent and 2.9 percent this year. That’s down from its previous estimate of 3.1 percent to 3.3 percent.

Fed Chairman Bernanke said at a press conference that some of the problems plaguing the economy “may be stronger and more persistent than we thought.”

Three stocks fell for every two that rose on the New York Stock Exchange. Volume was light at 3.3 billion shares.

The indicators:
•BATS 1000 fell 80.49 points, or 0.54%, to close at 14,756.47.
•Dow Jones fell 80.34 points, or 0.66%, to close at 12,109.67.
•Nasdaq fell 18.07 points, or 0.67%, to close at 2,669.19.
•S&P 500 fell 8.38 points, or 0.65%, to close at 1,287.14.

Among regional stocks:

•Capitol Federal Financial fell 6 cents, or 0.50%, to close at $11.99.
•Cerner Corp. fell $1.07, or 0.90%, to close at $117.66.
•Commerce Bancshares Inc. rose 1 cents, or 0.02%, to close at $41.79.
•Compass Minerals fell 38 cents, or 0.44%, to close at $85.09.
•DST Systems Inc. fell 47 cents, or 0.90%, to close at $51.78.
•Garmin Ltd. fell 1 cents, or 0.03%, to close at $33.97.
•Great Plains Energy fell 8 cents, or 0.38%, to close at $20.76.
•H&R Block Inc. rose 6 cents, or 0.38%, to close at $16.06.
•Inergy L.P. rose 4 cents, or 0.11%, to close at $35.46.
•Kansas City Southern fell 85 cents, or 1.50%, to close at $55.87.
•Sprint Nextel Corp. fell 12 cents, or 2.29%, to close at $5.12.
•UMB Financial Corp. fell 27 cents, or 0.66%, to close at $40.70.
•Waddell & Reed Financial Corp. fell 44 cents, or 1.22%, to close at $35.60.
•YRC Worldwide Inc. rose 10 cents, or 15.94%, to close at $0.76.