Weak Results Knock Wall Street for Another Day (CSCO, WMT)
Wall Street ended lower again on Thursday with the Dow seeing a triple-digit drop. Several corporations cut their yearly forecasts, including Cisco Systems (CSCO) and Wal-Mart (WMT), sending other stocks lower as well. It was reported that industrial production was surprisingly flat for July while homebuilder confidence rose close to the highest level in eight years. This data shows that even though mortgage rates have seen a big jump this summer, housing industry sentiment has continued to fare well.After the report shares of Lennar Corp. (LEN), D.R. Horton (DHI) and other homebuilder companies rallied. Weekly unemployment claims dropped by 15,000 to a total of 320,000, the lowest number since October of 2007. The US dollar turned lower against most major currencies for another day while gold prices jumped 2%.
Word on the Street
- Home builder confidence at the highest in eight years in August.
- Wal-Mart (WMT) posts weak performance for Q2 and cuts its yearly outlook.
- Cisco's (CSCO) earnings report leads to sharp selloff, analysts remain positive.
- Gold rises 2% to a near two-month high on a US equities selloff.
- Oil closes at a two-week high on weak demand and Middle East violence worries.
- Tesla Motors (TSLA) Hits an All-Time High.
Published on Aug 15, 2013By InvestorGuide Staff