Markets Mixed As December Retail Sales Disappoint
The markets traded mixed during the midday with the Dow falling 45 points to 11,677 due to disappointing December retail sales. Nasdaq added 2 points to 2705.
On the upside
Valeant Pharmaceuticals (NYSE: VRX) forecast fourth quarter results ahead of analyst estimates.
American Eagle Outfitters (NYSE: AEO) trimmed its fourth quarter outlook after December same store sales tumbled 11% but the stock price rose.
The TJX Companies (NYSE: TJX) raised its fourth quarter outlook to top analyst estimates after December same store sales climbed 2%.
On the downside
Pacific Sunwear of California (Nasdaq: PSUN) slashed its guidance for the fourth quarter as quarter-to-date same store sales dropped.
While December same store sales edged up 0.9% for Target (NYSE: TGT), the gain fell far short of analyst expectations.
Constellation Brands (NYSE: STZ) reported sharply higher third quarter earnings but revenue slipped.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 793.
