Closing Bell

Garmin gains, Sprint slides as markets finish mixed

Updated: 2013-02-13T23:37:26Z

Shares in Garmin Ltd. climbed more than 2 percent Wednesday in what was another quiet day on Wall Street.

While Garmin led the local list of stocks, it wasn’t the only winner. Kansas City Southern finished up 1.5 perdent, Waddell & Reed gained 1.4 percent and Inergy L.P. ended the day up 1.6 percent.

On the downside, Sprint lost nearly 1 percent, and Compass Minerals finished slightly lower on the day.

Overall, the Dow was held back by a slump in McDonald’s stock Wednesday, leaving it short of a record.

The Dow Jones industrial average shed 35.79 points to close at 13,982.91. The Dow has gained 6.7 percent this year and is just 182 points below the record close of 14,164 it set in October 2007.

McDonald’s was the biggest decliner in the Dow, losing $1.10 to $94, as investors worried that Americans will spend less on eating out following a rise in Social Security taxes at the beginning of the year. The government reported early Wednesday that spending by Americans barely grew last month.

Other fast-food companies also fell. Buffalo Wild Wings stock plunged $4.52 to $76.55 after its earnings fell short of analysts’ expectations. Burger King and Wendy’s also fell.

“Consumer spending is coming under pressure,” said Bryan Elliott, an analyst at Raymond James. “It’s the easiest way to save money, stay at home and cook.”

The Standard & Poor’s 500 index edged up 0.90 point to 1,520.33. The index climbed as high as 1,524 during the day, the highest since November 2007. It is up 6.6 percent so far this year.

The BATS 1000 rose 19.47 points, or 0.11 percent, to close at 17,196.45.

Investors sent General Electric and Comcast higher after GE agreed Tuesday to sell its stake in NBCUniversal to Comcast for $16.7 billion. GE said it would use up to $10 billion of the money to buy back its own stock. GE rose 81 cents to $23.39. Comcast advanced $1.16 to $40.13.

Trading has been relatively quiet in recent days following a strong opening to the year.

Regional stocks

Capitol Federal Financial rose 6 cents, or 0.51%, to close at $11.93.

Cerner Corp. rose 7 cents, or 0.08%, to close at $87.62.

Commerce Bancshares Inc. rose 18 cents, or 0.47%, to close at $38.77.

Compass Minerals fell 13 cents, or 0.17%, to close at $74.39.

DST Systems Inc. rose 22 cents, or 0.32%, to close at $68.02.

Ferrellgas Partners L.P. rose 22 cents, or 1.12%, to close at $19.92.

Garmin Ltd. rose 88 cents, or 2.34%, to close at $38.56.

Great Plains Energy rose 8 cents, or 0.36%, to close at $22.07.

H&R Block Inc. rose 10 cents, or 0.40%, to close at $24.84.

Inergy L.P. rose 32 cents, or 1.61%, to close at $20.14.

Kansas City Life Insurance Co. rose 28 cents, or 0.75%, to close at $37.84.

Kansas City Southern rose $1.49, or 1.55%, to close at $97.36.

Layne Christensen Co. rose 10 cents, or 0.44%, to close at $22.80.

O’Reilly Automotive Inc. rose 44 cents, or 0.43%, to close at $102.00.

Sprint Nextel Corp. fell 5 cents, or 0.85%, to close at $5.86.

UMB Financial Corp. rose 18 cents, or 0.39%, to close at $45.76.

Waddell & Reed Financial Corp. rose 58 cents, or 1.40%, to close at $41.98.

YRC Worldwide Inc. fell 1 cents, or 0.15%, to close at $6.74.

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