Comforting Losses on Wall Street

It is not often that market losses are seen as a bullish sign, but that may be the case following the first two-day losing streak for stocks in over a month. Many bulls have said that a correction of some sort is needed, and the Dow could be on the verge of its first 3-day losing streak of 2013. The market also seems to have a built-in reluctance to go down TOO far; the Dow wiped out a 127 point early loss Thursday before finishing modestly lower.

The final day before a long holiday weekend brings just one economic report, as the government is out with durable goods orders for April at 8:30 a.m. ET. Consensus forecasts call for a 1.3 percent increase, following a 5.8 percent drop in March.

Retailers Abercrombie & Fitch (ANF) and Foot Locker (FL) are among the few companies set to report quarterly earnings this morning, while there are no companies of note on the after-the-bell calendar.

Dow component Procter & Gamble (PG) leads our list of stocks to watch, as A.G. Lafley as chief executive officer. He replaces Bob McDonald, who had succeeded Lafley in 2009, effective immediately.

Pandora Media (P) lost $0.10 per share during the first quarter, matching estimates, with both revenues and the current quarter forecast coming in above analyst forecasts. The online radio service saw revenue jump 58 percent as it attracted new subscribers and grew mobile advertising revenue.

Marvell Technology (MRVL) earned $0.19 per share for the first quarter, excluding certain items, five cents above estimates. Its revenue also came in above Street consensus, and the chipmaker's current quarter forecast is also largely above forecasts. Marvell saw strong demand for its storage and networking chips during the quarter.

Williams-Sonoma (WSM) reported first quarter profit of 40.41 per share, four cents above estimates, with revenues beating forecasts as well. The housewares retailer also increased its full year forecast on stronger comparable store sales. (CRM) matched Street estimates with first quarter earnings of $0.10 per share, excluding certain items. Revenue for the business software producer was above estimates as well, but it issued a disappointing forecast for the current quarter.

Gap (GPS) beat estimates by two cents with first quarter profit of $0.71 per share, and bested the Street's revenue estimates as well. The clothing retailer's profits were 43 percent above year earlier levels as Gap continues to execute a successful turnaround.

Sears (SHLD) lost $1.29 per share for the first quarter, excluding certain items, more than double the $0.60 predicted by analysts, though revenues were slightly above estimates. Chairman Edward Lampert called the retailer's recent financial performance unacceptable, as both revenues and profit margins fell during the quarter.

Dish Network (DISH) has secured $9 billion in financing for its $25.5 billion takeover bid for Sprint Nextel (S), according to Dow Jones. Dish is competing with Japan's SoftBank, which has a deal in place to buy 70 percent of Sprint for $20.1 billion.

Aeropostale (ARO) lost $0.16 per share for the first quarter, one cent smaller than estimated, but investors are focusing on the retailer's current quarter forecast calling for a much bigger loss than analysts had expected. Aeropostale has been discounting heavily to clear unsold inventory.

Tempur-Pedic (TPX) will now be known as Tempur Sealy, as the mattress maker's shareholders approve the name change following its acquisition of fellow mattress producer Sealy in March.

Campbell Soup (CPB) is buying organic baby food maker Plum Organics for an undisclosed sum.