Mid-Day Market Update: Cisco Shares Decline On Weak Outlook; SolarCity Rises
Midway through trading Thursday, the Dow traded up 0.16 percent to 15,846.69 while the NASDAQ declined 0.10 percent to 3,961.70. The S&P also rose, surging 0.30 percent to 1,787.25.
Kohl's (NYSE: KSS) reported an 18 percent drop in its third-quarter profit.
Kohl's quarterly profit declined to $177 million, or $0.81 per share, from a year-ago profit of $215 million, or $$0.91 per share.
Its revenue dropped to $4.44 billion from $4.49 billion. However, analysts were estimating earnings of $0.86 per share on revenue of $4.55 billion. Kohl's also lowered its full-year profit forecast to a range of $4.08 to $4.23 per share, versus its earlier forecast of $4.15 to $4.35 per share. It projects Q4 earnings of $1.59 to $1.74 per share.
Shares of E-Commerce China Dangdang (NYSE: DANG) got a boost, shooting up 3.45 percent to $9.32 after the company reported upbeat Q3 earnings.
Equities Trading DOWN
Shares of Cisco Systems (NASDAQ: CSCO) were down 12 percent to $21.12 after the company posted weaker-than-expected fiscal first-quarter revenue and issued a weak outlook. Cisco also increased its share buyback program by $15 billion. Deutsche Bank downgraded the stock from Buy to Hold.
In commodity news, oil traded down 1.38 percent to $92.58, while gold traded up 1.58 percent to $1,288.50.
Silver traded up 1.46 percent Thursday to $20.74, while copper fell 0.30 percent to $3.16.
European shares were mostly higher today. The Spanish Ibex Index rose 0.16 percent, while Italy's FTSE MIB Index fell 0.29 percent. Meanwhile, the German DAX gained 0.83 percent and the French CAC 40 climbed 1.01 percent while U.K. shares rose 0.58 percent.
US jobless claims fell by 2,000 to 339,000 in the week ending November 9. However, economists were projecting claims to drop to 335,000.
US productivity rose by an annual rate of 1.9 percent in the third quarter, versus economists' expectations for a 2.4 percent increase. Unit-labor costs declined by 0.6 percent.
The US trade deficit increased to $41.8 billion in September, versus a revised $38.7 billion in the prior month. However, economists were expecting the deficit to rise to $39.7 billion. The country's exports fell 0.2 percent to $188.9 billion, while imports climbed 1.2 percent to $230.7 billion.
The Bloomberg Consumer Comfort Index surged to minus 33.9 in the week ending November 10, versus minus 37.9.
Supplies of natural gas climbed 20 billion cubic feet for the week ending November 8, the US Energy Information Administration reported. However, analysts were estimating a rise of 20 billion cubic feet to 24 billion cubic feet.
Crude supplies rose 2.6 million barrels for the week ending November 8, the US Energy Information Administration reported. However, analysts were expecting an increase of 1.8 million barrels.
Data on money supply will be released at 4:30 p.m. ET.
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