Mid-Morning Market Update: Markets Slip; Kohl's Q3 Profit Misses Estimates
Following the market opening Thursday, the Dow traded down 0.09 percent to 15,808.02 while the NASDAQ declined 0.22 percent to 3,956.84. The S&P also fell, dropping 0.04 percent to 1,781.27.
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 6.55 percent to $9.60 after the company reported upbeat Q3 earnings.
Equities Trading DOWN
Shares of Cisco Systems (NASDAQ: CSCO) were down 13.36 percent to $20.79 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 0.75 percent to $93.18, while gold traded up 1.06 percent to $1,281.90.
Silver traded up 1.14 percent Thursday to $20.68, while copper fell 0.35 percent to $3.15.
European shares were mostly higher today. The Spanish Ibex Index tumbled 0.37 percent, while Italy's FTSE MIB Index fell 0.79 percent. Meanwhile, the German DAX gained 0.67 percent and the French CAC 40 climbed 0.59 percent while U.K. shares rose 0.30 percent.
US jobless claims fell by 2,000 to 339,000 in the week ended 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 Treasury is set to auction 3-and 6-month bills.
Data on money supply will be released at 4:30 p.m. ET.
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