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Most U.S. Stocks Fall as Consumer Sentiment, Manufacturing Drop By Eric Martin

Feb. 15 (Bloomberg) -- Most U.S. stocks dropped for a second day after consumer confidence fell to a 16-year low and manufacturing in New York unexpectedly contracted for the first time since 2005.

The Standard & Poor''s 500 Index rebounded in the last 15 minutes of trading to extend its weekly advance as financial shares rallied on speculation Bear Stearns Cos. will receive a takeover bid. Intel Corp., the world''s largest chipmaker, led declines in all 18 companies in an S&P index of semiconductor shares on concern weaker consumer sentiment will diminish demand. Energy companies fell the most in seven days.

About four stocks declined for every three that rose on the New York Stock Exchange. The S&P 500 added 1.13 points to 1,349.99. The Dow Jones Industrial Average slipped 28.77, or 0.2 percent, to 12,348.21. The Nasdaq Composite Index lost 10.74, or 0.5 percent, to 2,321.8. European stocks dropped and Asia''s benchmark rose.

``The economy is really soft and we''re starting 2008 with modest, if any, momentum,'''' said Alan Gayle, who helps manage about $73 billion as senior investment strategist at Trusco Capital Management in Richmond, Virginia. ``The credit issues are a major concern. It seems each rock we turn over has something underneath it.''''

The S&P 500 and Dow each gained 1.4 percent this week as energy shares posted their steepest weekly rally since September. The Nasdaq added 0.7 percent in the past five days, led by a Comcast Corp.''s best weekly advance since 2002 after the largest U.S. cable TV operator said it will buy back $6.9 billion in shares and pay its first dividend in almost a decade.

Bear Stearns

Bear Stearns Cos., the fifth-biggest U.S. securities firm, rose 5.5 percent to $82.79 today as traders speculated it might be acquired. The stock has fallen 6.2 percent this year after losing 46 percent in 2007 following the collapse of two hedge funds that bet on subprime-related bonds.

``The whisper is that they''ll bid $98,'''' said Michael Nasto, senior trader at U.S. Global Investors Inc., which manages $5 billion in San Antonio. ``We''ve heard rumors about Bear for two or three months but this is the first time we''ve heard a price put on it.''''

Financial shares rebounded to finish up 0.6 percent. The S&P 500 Financials Index tumbled as much as 1.6 percent earlier after UBS AG said banks are at risk of as much as $203 billion in further credit writedowns. Citigroup Inc., the biggest U.S. bank, fell 26 cents to $25.48 and American Express Co., the third-largest credit-card network, dropped 58 cents to $45.11.

Further Writedowns

Writedowns for collateralized debt obligations and subprime related losses already total $150 billion, UBS analyst Philip Finch estimated. That could rise by a further $120 billion for CDOs, $50 billion for structured investment vehicles, $18 billion for commercial mortgage-backed securities and $15 billion for leveraged buyouts, the analyst said.

UBS''s prediction that credit conditions may worsen dragged down MBIA Inc. and Ambac Financial Group Inc., companies struggling to maintain the AAA ratings on their bond insurance units because of losses on residential mortgages. So-called monoline insurers guarantee the repayment of bond principal and interest in the event of defaults. MBIA slid 3 percent to $12.24. Ambac lost 2.9 percent to $10.22.

Makers of computer chips and related equipment fell 1.6 percent as a group, the most among 24 industries in the S&P 500, after analysts at Sanford C Bernstein & Co. cut semiconductor shares to ``market weight.''''

Intel lost 35 cents, or 1.7 percent, to $20.11. MEMC Electronic Material Inc., the world''s third-largest maker of silicon wafers dropped 3.6 percent to $75.95.

`Cautious'' on Coal

Energy companies decreased 0.2 percent, led by coal producers. Peabody Energy Corp. dropped $1.44, or 2.5 percent, to $55.63. The nation''s largest coal company and its competitors were cut to ``cautious'''' from ``neutral'''' by Goldman, which said they are overvalued. The stocks may fall 20 percent on average as international coal prices retreat, analyst Michael Molnar wrote in a research note.

Consol Energy Inc., the third biggest coal miner, dropped the most in the S&P 500, sliding $4.80, or 6 percent, to $75.08.

Retailers fell 0.2 percent as a group. Lowe''s, the second- largest U.S. home-improvement chain, tumbled 22 cents to $23.33. Circuit City dropped 25 cents to $4.79.

Best Buy Co. dropped $1.15 to $44.62 after the largest U.S. consumer electronics chain cut its full-year earnings forecast to $3.05 to $3.10 a share, saying fourth-quarter revenue will fall short of targets.

Economy Watch

Confidence among U.S. consumers dropped more than expected this month as the labor market cooled. The Reuters/University of Michigan preliminary index of consumer sentiment decreased to 69.6 this month, the lowest since February 1992, from 78.4 in January.

Earnings have fallen 15 percent on average for the members of the S&P 500 that have reported fourth-quarter results so far as record losses at Citigroup Inc., Merrill Lynch & Co. and other financial companies dragged down profits, according to Bloomberg data. Analysts expect earnings to slide another 1.4 percent and 0.7 percent in the first two quarters of 2008 before increasing 16 percent in the third quarter.

Industrial companies in the S&P 500 lost 0.4 percent as a group. Honeywell International Inc., the world''s largest maker of aircraft controls, slid $1.47, or 2.6 percent, to $56.04. United Technologies Corp., the maker of Otis elevators, decreased $1.12 to $71.53.

Manufacturing Contraction

Manufacturing in New York contracted this month for the first time in almost three years. The Fed Bank of New York''s general economic index fell to minus 11.7 from 9.0 in January. Readings below zero signal contraction.

Former Federal Reserve Chairman Alan Greenspan told a Houston conference last night that the economy is ``clearly on the edge'''' of recession. He reiterated comments from last month that the odds of an economic contraction are at least 50 percent.

``The risk to recession is quite high at this point,'''' said Damon Barglow, who helps oversee $1.9 billion at Eastern Investment Advisors in Boston. ``It''s going to be a while before we understand the full ramifications of the contraction in the credit markets.''''

Caterpillar Inc. slumped 49 cents to $69.95. The largest maker of earth-moving equipment was removed from Credit Suisse Group''s ``U.S. Focus List'''' because of economic concerns.

Homebuilders slumped after S&P cut Hovnanian Enterprises Inc.''s credit rating. Hovnanian fell 63 cents, or 7 percent, to $8.34. Meritage Homes Corp., the builder whose biggest markets are Texas, Arizona and California, decreased 43 cents to $13.06.

Kraft

Kraft Foods Inc. added $2.02 to $31.33. Warren Buffett''s Berkshire Hathaway Inc. said in a filing with the U.S. Securities and Exchange Commission yesterday that it held 132.4 million Kraft shares. The 8.6 percent stake makes Berkshire the largest investor in the maker of Oreo cookies and Ritz crackers.

Campbell Soup Co. gained $1.93, or 6.1 percent, to $33.44. The world''s largest soup maker reported higher U.S. sales, sending the shares to their biggest gain in a year.

Priceline.com Inc. surged $21.63 to $123.86 after reporting fourth-quarter profit that increased more than analysts estimated. Net income more than doubled to $32.9 million from $13.2 million a year earlier. Excluding one-time costs and gains, profit exceeded the average estimate of analysts by 12 cents.

Economy Watch

Prices of goods imported into the U.S. rose 1.7 percent in January, more than forecast, pushing the increase for the last 12 months to a record, the Labor Department said. Rising costs for energy products and food led the advance.

The Russell 2000 Index, a benchmark for companies with a median market value of $531 million, dropped 0.5 percent to 701.52, led by Arris Group Inc. The broadband-equipment maker tumbled the most since October 2000, losing 30 percent to $5.50. Arris''s first-quarter profit forecast trailed the average analyst estimate because of lower sales to its largest customer, according to Bloomberg data.

Chipotle Mexican Grill Inc. declined 3.1 percent to $105.25. Chief Finance and Development Officer Jack Hartung said the fast-food chain faces ``significant challenges in the near term.'''' Higher prices for beef, chicken, cheese and wheat are increasing costs for Chipotle and other restaurants, and consumers facing higher gasoline prices are eating out less.

The Dow Jones Wilshire 5000 Index, the broadest measure of U.S. shares, fell 3.2 points to 13,652.73. Based on its decline, the value of stocks decreased by $4 billion.

U.S. stocks fell yesterday for the first time this week after Fed Chairman Ben S. Bernanke warned that a scarcity of credit will restrain economic growth.