Stocks Lower On Disappointing Earnings And Economic Data
Stocks are trading lower after
Wal-Mart, Deere and Gateway cut annual forecasts. Home Depot and JC
Penney are also weighing on the retail sector following earnings.
A raft of economic data released before the bell is also
adding to the downward pressure on stocks. July CPI came in slightly higher than
forecast and July Industrial Production came in lower than forecast. Housing
starts also came in below expectations.
The world’s largest retailer, Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) -3.86%
cut full-year EPS to $2.60 – $2.70 from $2.74. Deere
(
DE |
Quote |
Chart |
News |
PowerRating) -8.94%
reported Q3 EPS of $1.58 vs. the $1.90 expectation and cut full-year earnings to
$1.4 Bln from $1.6 Bln. Deere is the world’s largest maker of farm equipment and
is impacting Caterpillar
(
CAT |
Quote |
Chart |
News |
PowerRating) -2.31%, the world’s largest maker of
earth-moving equipment. Gateway
(
GTW |
Quote |
Chart |
News |
PowerRating) -19.28% also cut full-year EPS
to $0.13 – $0.15 from $0.17.
Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating) -1.46% and JC Penney
(
JCP |
Quote |
Chart |
News |
PowerRating) -4.06% are both
trading lower despite beating analyst estimates. Delta Airlines
(
DAL |
Quote |
Chart |
News |
PowerRating)
+10.07% agreed to sell Atlantic Southeast Airlines to SkyWest for $425 Mln but
is to be ejected from the S&P 500 after the close on Thursday due to its
declining market cap.
Â
Biggest Risers And Fallers
S&P 500
Delta Ailrlines
(
DAL |
Quote |
Chart |
News |
PowerRating) +10.07%, Delphi Corp
(
DPH |
Quote |
Chart |
News |
PowerRating) +3.43%
and Charles Schwab
(
SCH |
Quote |
Chart |
News |
PowerRating) +2.61%.
Gateway
(
GTW |
Quote |
Chart |
News |
PowerRating) -19.28%, Deere
(
DE |
Quote |
Chart |
News |
PowerRating) -8.94% and Big Lots
(
BLI |
Quote |
Chart |
News |
PowerRating)
-6.05%.
Nasdaq 100
RF Micro Devices
(
RFMD |
Quote |
Chart |
News |
PowerRating) +2.37%, Express Scripts
(
ERSX |
Quote |
Chart |
News |
PowerRating)
+2.29 and Ryanair
(
RYAAY |
Quote |
Chart |
News |
PowerRating) +1.55%.
Ross Stores
(
ROST |
Quote |
Chart |
News |
PowerRating) -3.28%, Dollar Tree Stores
(
DLTR |
Quote |
Chart |
News |
PowerRating)
-3.11% and Tellabs
(
TLAB |
Quote |
Chart |
News |
PowerRating) -2.77%.
Strongest Sectors
Airlines
(
XAL |
Quote |
Chart |
News |
PowerRating) +3.96%, Gold Bugs
(
HUI |
Quote |
Chart |
News |
PowerRating) +0.23% and
Healthcare Providers
(
RXH |
Quote |
Chart |
News |
PowerRating) +0.13%
Weakest Sectors
Computer Hardware
(
HWI |
Quote |
Chart |
News |
PowerRating) -2.75%, Retail Index
(
RLX |
Quote |
Chart |
News |
PowerRating)
-1.80 and Semiconductors
(
SOX |
Quote |
Chart |
News |
PowerRating) – 1.47%.
Â
| Dow | -74.12 | 10,560.26 |
| Nasdaq | -16.92 | 2150.12 |
| S&P 500 | -7.70 | 1226.17 |
| NYSE | Nasdaq | |
| Volume | 872,289,000 | 770,866,000 |
| Up Volume | 175 (21%) | 247 (33%) |
| Down Volume | 635 (77%) | 472 (63%) |
| Advances | 971 | 782 |
| Declines | 2154 | 2118 |
Ashton Dorkins
Â
Â