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

reported an 18% 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.

SolarCity

shot up 10.25 percent to $59.45 after the company

of Solar Asset Backed Notes. Baird upgraded the stock from Neutral to Outperform. Shares of E-Commerce China Dangdang

got a boost, shooting up 6.55 percent to $9.60 after the company reported upbeat Q3 earnings. CGI Group

was also up, gaining 7.28 percent to $38.59 after the company

in the fourth quarter.

Shares of Cisco Systems

were down 13.36 percent to $20.79 after the company posted

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. Kohl's

shares tumbled 7.35 percent to $53.98 after the company reported an

in its third-quarter profit and lowered its outlook. NetEase

was down, falling 4.55 percent to $66.25 after the company posted its Q3 unaudited financial results. Deutsche Bank

from Buy to Hold.

In commodity news,

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

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% in the third quarter, versus economists' expectations for a 2.4% increase. Unit-labor costs declined by 0.6%. 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% to $188.9 billion, while imports climbed 1.2% 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.