Stocks Droop on Large MOC Orders

Stocks drooped late in the day on some of the lightest volume of the year. This is not normally an issue, but there was an unusally large number of Market on Close Sell orders. On a light volume day, that was enough to move stocks down.

Why the large number of sell orders? Not clear, but there was notable weakness in consumer discretionary stocks — hotels and retailers, for example. Marriott down 6.2 percent, noted that North America has not been as strong in Q1 as anticipated, though international was still growing. There may be some concerns that Q1 GDP may not be as strong as some expected.

One positive point after the bell: Phillips-Van Heusen (think Calvin Klein, Van Heusen, Tommy Hilfiger, IZOD, Arrow shirts) reported earnings and guidance better than expected and is up about 3 percent after hours.

PVH had dropped a week and a half ago as Nike said costs were much higher than anticipated.

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