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Overall, for every three companies in the S&P 500 telling investors to lower their expectations for future earnings, only one is saying to raise them, according to S&P Capital IQ, a research firm. Wall Street analysts estimate earnings for companies in the S&P 500 will fall 1.8 percent in the current quarter, the first drop since the Great Recession, according to S&P Capital IQ. They expect earnings grew 0.9 percent in the April-June quarter, the slowest quarterly pace in three years. Among stocks making big moves, Pandora Media plunged $2.10, or 17 percent, to $10.47 after the Wall Street Journal reported that Apple is working on a rival service that could hurt the online radio company. Amazon rose $7.76, or 3 percent, to $259.14. The company unveiled four new Kindle tablet computers Thursday, including ones with larger color screens. Smith & Wesson rose $1.07, or 12 percent, to $10.07 on surging gun sales and a raised profit forecast. The gun company said it expects earnings for the quarter ending October to climb to as much as twice what analysts had expected. Dell rose 12 cents, or 1 percent, to $10.64 after announcing it would pay a dividend of eight cents per share in October. It is the computer maker's first cash dividend. Glencore International fell 14 cents, or nearly 4 percent, to $3.78. The commodities trader said it is prepared to raise its offer to buy mining company Xstrata PLC. Xstrata rose 35 cents, or nearly 4 percent, to $10.14 More than two stocks rose for every one that fell on the New York Stock Exchange. Trading volume was light at 3.7 billion.
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