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Stock Indexes Fall; Leaders Dycom, Line, Mobileye, Acacia Pressured

The major stock indexes were down modestly Wednesday morning, but some top-rated stocks were taking harder hits. (iStockphoto)

Stocks were trading modestly lower in morning trading Wednesday.

The Nasdaq fell 0.1%, while the S&P 500 and the Dow Jones industrial average lost 0.2%. Volume was tracking lighter than the same time Tuesday on both exchanges in the stock market today.

New issue Line (LN), sometimes described as the Japanese Facebook, sank 2.6% to 43.61 after JPMorgan started coverage with a neutral rating. The stock dropped below a 44.59 buy point from an IPO base.

Among IBD 50 stocks, Mobileye (MBLY) fell 3%, making it the worst performer in the IBD 50. It rose 6.7% Tuesday on news of its partnership with Delphi (DLPH) to build a self-driving car ready for production by 2019. Delphi rose 0.5% Wednesday morning.


IBD'S TAKE: Mobileye is the No. 1 stock in the automotive equipment industry group and has a Composite Rating of 96. Find out why with IBD's Stock Checkup.


Highflying IPO Acacia Communications (ACIA), another IBD 50 name, fell 3%, but the stock is still above its 10-day moving average,

The stock has run up 160% from an IPO base with a 45.85 buy point in less than eight weeks.

Gold fell more than 1%.

West Texas intermediate futures for September delivery sank 2.7% to $46.79 a barrel after the Energy Information Administration reported U.S. crude inventories rose last week.

La-Z-Boy (LZB) gapped down and was trading 11% lower. It reported an unexpected sales decline.

Dycom Industries (DY) fell 6% after reporting better-than-expected results, but guidance and unit sales disappointed. It's still above a 73.28 cup-with-handle buy point, but has found resistance at its 50-day moving average.