Retailers Post Lower Sales as Companies Pare Jobs
Retailers reported disappointing November sales as consumers cut back on spending. While new jobless claims unexpectedly fell last week, numerous companies announced job cuts. The Dow gave up 11 points to 8580 while Nasdaq lost 5 points to 1487.
On the upside
Toll Brothers (NYSE: TOL) posted a smaller 4th quarter loss due to fewer write-downs on falling property value. The homebuilder's guidance for 2009 remained murky.Synopsys (Nasdaq: SNPS) reported higher revenues and earnings despite a weak global economy and reaffirmed its outlook for 2009. The company provides software used in semiconductor design and manufacturing.
Copart (Nasdaq: CPRT) posted an increase in revenues and a slight decrease in profits. The company sells salvaged vehicles on behalf of financial institutions.
On the downside
Executives from General Motors (NYSE: GM), Ford (NYSE: F), and privately-held Chrysler continued to plead for bailout money. Getting enough votes from Congress to approve the $34 billion package remained uncertain.
DuPont (NYSE: DD) blamed weakness in the construction and automotive industries for a projected 4th quarter loss. The chemical maker also announced plans to cut 2500 jobs.
Shares
of AT&T (NYSE: T) edged lower after it announced plans to cut 12,000 jobs or 4% of its workforce.
In the broad market, declining issues outpaced advancers by a margin of nearly 2to 1 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 450.
