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S&P 500 Snaps Seven Session Winning Streak

Dan Berman
Hot Stock Minute

Stocks closed down modestly today with the S&P 500 snapping a seven session winning streak --the longest since July. Concerns about negotiations with Russia over Syrian chemical weapons and an unimpressive report on weekly jobless claims weighed on the market. While jobless claims fell 31,000 to 292,000 last week, the data was skewed because two states to failed to report results due to processing glitches.

Facebook (FB) hit a new all-time intraday high of $45.62, before closing down fractionally for the day. Shares of the social media giant are up 60% year-to-date.

Lululemon (LULU) fell more than 5% after releasing quarterly results. The company topped estimates earnings 39-cents a share, and revenue was also higher than the consensus. However, the company has lowered its outlook for the third quarter and full-year 2013. Lulu has been trying to recover from that sheer pants fiasco. There's also the ongoing search for a new C-E-O to replace Christina Day-- no update on that this morning. Shares fell off a cliff back in June when her resignation was announced, and they remain down about 7-percent year-to-date even before this morning's plummet.

Kroger (KR) rose over 2% after the supermarket giant posted profits of 60-cents a share up from 51-cents this time last year. Revenues totaled $22.7 billion, slightly higher than estimates. Kroger is America's largest supermarket chain by revenue and it's expanding with the pending purchase of the Harris Teeter Chain. Kroger shares have been up 42-percent year-to-date; that's twice as much as Wall Street darling Whole Foods Market (WFM).

Pandora (P) surged 12% after naming Brian McAndrews as its new CEO, president and chairman. He comes from Microsoft and replaces Joe Kennedy. Pandora is now the world's largest online radio service. It boasts more than 72 million active listeners. Pandora shares hit an all-time high several weeks ago and are currently up 125-percent year-do-date.

Apple (AAPL) shares rose less than 1% following yesterday's 5% drop in reaction to its latest iPhone announcement. Billionaire investor Carl Icahn told CNBC he snapped up "quite a bit" of Apple stock yesterday, saying it was a "no-brainer." But clearly Icahn's bullish move did little to spur investor enthusiasm this time around.