U.S. stocks fell
U.S. stocks fell, following a two-day advance for the Standard & Poor’s 500 Index, as disappointing profit forecasts from American retailers and concerns over Europe’s debt crisis offset improving jobs data.
S&P 500 1,279 +1.84 +0.14%
NASDAQ Composite 2,663 +14.24 +0.54%
Dow Jones Industrial Average 12,399 -19.45 -0.16%
Target, J.C. Penney and Kohl's all lowered their quarterly earnings outlooks following soft holiday season sales. Target dropped 3%, J.C. Penney fell 5.4% and Kohl's declined 1.4%.
Shares of Children's Place Retail Stores tumbled 7.1% after the children's apparel retailer lowered its fiscal fourth-quarter earnings outlook, citing aggressive markdowns and high apparel costs.
Zumiez climbed 15% after the sporting goods retailer raised its fiscal fourth-quarter earnings outlook, citing better-than-planned holiday sales and product margin.
Eastman Kodak is preparing to seek bankruptcy protection in the coming weeks, according to a report in the Wall Street Journal. Bankruptcy could still be avoided if the company is able to sell off some of its patent portfolio. Shares slid 6.1% to 44 cents.
Monsanto gained 5.9% after the agriculture products company reported better-than-expected fiscal first-quarter results. South American demand for the company's corn seed continued to grow. The company indicated its full-year results would be at the high end of previous projections.
Seagate Technology gained 5.1%. The disk-drive maker lifted its revenue outlook for its fiscal second and third quarters as the impact from Thailand flooding wasn't as bad as expected.