Disappointing Sales Weighs Down Markets
The Commerce Department reported a disappointing 0.1% gain in December retail sales over November sales to weigh the markets down to a lower open with the Dow falling 42 points to 12,406. Nasdaq slipped 7 points to 2703.
On the upside
Dick's Sporting Goods (NYSE: DKS) announced a $200 million stock repurchase plan and narrowed its earnings guidance for the fourth quarter as well as the full year.
Tractor Supply (Nasdaq: TSCO) lifted its full year guidance as fourth quarter revenue climbed to top estimates.
Yamana Gold (NYSE: AUY) reported higher gold production in 2011 at a cash cost that was significantly lower than expected.
On the downside
Williams-Sonoma (NYSE: WSM) cut its fourth quarter earnings outlook due to more discounts during the holiday shopping season.
Infosys (Nasdaq: INFY) reported higher third quarter earnings that met expectations but forecast current quarter results below estimates.
Wynn Resorts (Nasdaq: WYNN) vice chairman Kazuo Okada filed a lawsuit against the casino resort developer seeking certain financial records.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 763.
