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Stocks Retreat From Multi-Year High (CAVM, BAC, BRCM, MU, SMSC, PZZA, OPEN)

U.S. stocks fell on Wednesday after hitting a 4-year high on Tuesday as report on private sector job creation was weaker than expected, giving nervous investors another reason to question the strength of the economy.A report from Automatic Data Processing showed that Private-sector employment increased 119,000 in April, the lowest result since September. According to ADP, service-providing employment rose 123,000 in April, while goods-producing jobs fell 4,000. By employer size, small businesses gained 58,000 jobs, medium businesses gained 57,000 jobs, and large businesses gained 4,000 jobs.Also, Orders for goods produced in U.S. factories dropped 1.5% in March, the biggest decline in three years, the Commerce Department reported Wednesday, economists were estimating a fall of 1.6%.’

The Dow Jones industrial average fell 26.79 (-0.20%), at 13,252.53. The Standard & Poor's 500 Index slid -4.50 (-0.32%) at 1,401.38. The Nasdaq Composite Index (NAS:^COMP) up 3.35  (0.11%)to 3,053.98.

Cavium Inc(NASDAQ:CAVM) shares slumped 10.36% after the company late Tuesday provided earnings forecast for the second quarter that lagged the analysts estimates. The company said that it expects to earn 1-3 cents a share on revenue of $54 million and $56 million, in the current quarter, well below analysts’ consensus of 6 cents. For the first quarter, the company reported an increased loss and lost  $13.83 million or $0.28, compared to a year ago loss of 9.41 million or $0.19 per share. The latest results included expenses of $14.7 million related to stock-based compensation and related payroll expense.

Bank of America Corp(NYSE:BAC) shares slid 1.68% to $8.17. The stock has fallen about 7% ever since it reported its quarterly earnings. The stock has outperformed so far this year with a gain of 47%.

Broadcom Corporation(NASDAQ:BRCM) was trading flat after the company provided higher than estimated outlook. Second-quarter revenue will be $1.9 billion to $2 billion, the Irvine, California-based company said today in a statement. Analysts on average estimated sales of $1.92 billion.

Standard Microsystems Corporation(NASDAQ:SMSC) soared 38% after the company Microchip Technology Inc. agreed to acquire the company for about $830 million as the chip maker seeks to expand its market. The deal values Standard Microsystems at $37 a share, a 40% premium to its Tuesday closing price of $26.24.

Papa John's Int'l, Inc.(NASDAQ:PZZA) rose 16.74% after its first-quarter income and revenue was better than expected, as the pizza chain saw international same-store sales improve by 8.4% and North America same-store sales rise 1.1%.

OpenTable Inc(NASDAQ:OPEN) slumped 16% after the company reported in-line first-quarter revenue and earnings that slightly beat consensus, but guidance disappointed. The online restaurant-reservation company's international results were particularly soft, and its second-quarter view projected what Stifel Nicolaus calls "more severe" international losses than it previously believed.