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Afternoon Sell-off Drags Stocks Down
Nov 15, 5:24 PM EST |
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| Target's weak holiday sales outlook dampened the positive momentum generated from Home Depot's earnings and better than expected retail sales. |
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| AFTER THE CLOSE: Abercrombie reported earningsof 79 cents vs. 42 cents a year ago on 35% sales growth. Analog Devices earnings fell to 18 cents from 34 cents a year ago on fall in revenue of 2% and on restructuring charges and earnings repatriation. La-Z-Boy reported a loss of 12 cents vs profit of 17 cents a year ago. |
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Amazon to Replace AT&T
Nov 15, 2:47 PM EST |
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| Johnson & Johnson announced that it will cut the price it will pay for rival device maker Guidant Corp.to about $21 billion from $25.4 billion. |
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| The Department of Commerce released a report, showing that retail sales fell only 0.1% in October, following an upwardly revised 0.3% increase in September and compared to a more significant decline of 0.7%, expected by economists. The Labor Department reported that Producer Price Index rose 0.7% in October following a 1.9% increase in September, versus expectations of 0.1% increase in prices. S&P has replaced AT&T with Amazon.com Inc in the widely followed index S&P 500 index. |
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Retail Sales Decline 0.1%
Nov 15, 10:59 AM EST |
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| Johnson & Johnson announced that it will cut the price it will pay for rival device maker Guidant Corp.to about $19 billion from $25.4 billion. |
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| The Department of Commerce released a report, showing that retail sales fell only 0.1% in October, following an upwardly revised 0.3% increase in September and compared to a more significant decline of 0.7%, expected by economists. The Labor Department reported that Producer Price Index rose 0.7% in October following a 1.9% increase in September, versus expectations of 0.1% increase in prices. |
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CPP Index Falls 0.3%
Nov 15, 9:49 AM EST |
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| Crude oil fell close to $57 a barrel on unseasonally warm weather. Gold inched up in Europe. The dollar strengthened against all major currencies. |
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| Asian-Pacific markets finished lower with the Nikkei falling 0.1% on banking stocks. European stocks declined at mid-day, pressured by Vodafone and Diageo. On the earnings front, Home Depot reported Q3 profit rise of 72 cents a share on 10% sales rise, beating estimates of 68 cents a share. American Eagle Outfitters posted Q3 net income increase of 47 cents a share, beating analyst estimate by a penny. Same-store sales rose 14%. |
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