August 17, 2017 10:23 AM
NEW YORK (AP) — U.S. stocks are lower Thursday morning as investors fail to get excited by quarterly reports from big names like retailer Wal-Mart and technology bellwether Cisco Systems. Most industries are slipping, with some of the biggest losses going to technology and industrial companies, retailers and banks. After dramatic moves late last week and earlier this week, stocks appear to have returned to the pattern of small moves that has marked this year.
KEEPING SCORE: The Standard & Poor's 500 index fell 8 points, or 0. percent, to 2,459 as of 10 a.m. Eastern time. The Dow Jones industrial average declined 90 points, or 0.4 percent, to 21,933. The Nasdaq composite lost 30 points, or 0.5 percent, to 6,314. The Russell 2000 index of smaller-company stocks remained at 1,384.
WAL-MART HITS A WALL: Wal-Mart Stores did better than analysts expected in the second quarter as shoppers spent more money on its website and more people came to its stores as well. But Wal-Mart stock has rallied over the last month, but Thursday's results weren't enough to keep that going. The stock lost $2.05, or 2.5 percent, to $78.94 although it is still up 8 percent since July 10.
STRIPPED BARE: L Brands, the parent of Victoria's Secret, tumbled after it cut its annual profit guidance because of weakening sales. The company said sales at its older stores dropped 8 percent, which was worse than it expected. L Brands has been slipping all year because of the difficult business conditions for retailers and its own struggles after it stopped selling swimwear. The stock retreated $2.76, or 7.1 percent, to $36.19 and it's down 45 percent this year.
ROUTER OUTAGE: Cisco Systems fell $1.10, or 3.4 percent, to $31.24 after it said sales will decline in the current quarter. It's expecting a decline of 1 to 3 percent from the $12.4 billion in revenue it reported a year ago.
NOT A RENTAL: United Rentals said it will buy smaller competitor Neff for $25 a share, or $596 million. Neff said earlier this week that it received an offer but did not name the buyer. Neff had previously accepted an offer of $21.07 a share from H&E Equipment Services, which declined to make a bigger offer. United Rentals climbed $2.75, or 2.5 percent, to $114.72.
BONDS: Bond prices were little changed. The yield on the 10-year Treasury note stayed at 2.23 percent.
ENERGY: Benchmark U.S. crude fell 2 cents to $46.76 a barrel in New York. Brent crude, used to price international oils, shed 1 cent to $50.26 per barrel in London.
CURRENCIES: The dollar dipped to 110.10 yen from 110.16 yen. The euro fell to $1.1717 from $1.1769.
OVERSEAS: Germany's DAX edged 0.1 percent lower and the CAC 40 of France fell 0.2 percent. Britain's FTSE 100 gave up 0.4 percent. The Japanese Nikkei 225 index edged 0.1 percent lower and Hong Kong's Hang Seng dropped 0.2 percent. In South Korea, the Kospi gained 0.6 percent.
AP Markets Writer Marley Jay contributed to this story. He can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay
By MARLEY JAY
Updated: August 17, 2017 10:23 AM
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