The Nasdaq 100 index fell Wednesday amid continued concerns over high fuel costs and trouble in the financial sector, with the largest decline posted by shares of satellite TV company Dish Network Corp.
Dish Network lost $2.15, or 6.5 percent, to $30.87. The satellite television operator will have to repurchase $500 million in convertible debt from AT&T Inc.
UAL Corp. shed 45 cents, or 6.4 percent, to $6.55 on worries that high fuel prices will plague the airline industry and operator of United Airlines.
Juniper Networks Inc. slipped 97 cents, or 4.1 percent, to $22.63. In a client note, Stifel Nicolaus & Co. analyst Sanjiv Wadhwani said visibility is somewhat lower than six months ago, as some carriers in the U.S. have slowed the process of signing off on deals.
The index, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, fell 21.72 points, or 1.1 percent, to 1,951.10. The broader Nasdaq composite lost 28.02 points, or 1.1 percent, to 2,429.71.
On the rising side, shares of Research in Motion Ltd., which makes the BlackBerry, added $2.29 to $144.45. A Lehman Brothers analyst boosted his price target and estimates on the company.
Leap Wireless International Inc. rose 85 cents to $54.65. On Tuesday, the wireless communication company named Walter Z. Berger as chief financial officer.
Fastenal Co. added 45 cents to $48.33.
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