Stocks Pummeled by Eurozone, Fiscal Cliff Worries
Overseas markets finished lower. The FTSE 100 in London closed down 0.27%, while the DAX in Germany finished off 0.39%. Japan's Nikkei average settled down 1.51% on Thursday and Hong Kong's Hang Seng closed behind by 2.41%.
Gold for December delivery added $12 to settle at $1,726 an ounce at the Comex division of the New York Mercantile Exchange, while December crude oil contracts rose 65 cents to close at $85.09 a barrel.
The benchmark 10-year Treasury rose 14/32, diluting the yield to 1.623%. The dollar slipped 0.01%, according to the U.S. dollar index.
In corporate news, CBS (CBS) shares rose 1.1% after the media company booked better-than-expected first-quarter earnings as a fall in advertising sales was balanced by revenue from areas including content and licensing fees.Shares of Wendy's (WEN) tacked on 3.1% after the fast-food chain announced a wider-than-expected third-quarter net loss, but revealed that sales at restaurants opened at least 15 months increased 2.7%, pointing to a sixth straight quarter of growth. Lawn and garden care products company Scotts Miracle-Gro (SMG) reported a slightly wider-than-expected fourth-quarter loss and less-than-expected revenue as its company-wide gross margin rate weakened from a year ago due to higher material costs and unfavorable conversion costs, and the operating loss for its global consumer segment widened from a year earlier. The stock lost 4.2%. Shares of Dean Foods (DF) gained 2% after the company beat third-quarter earnings estimates and hiked its full-year earnings guidance to between $1.27 and $1.32 a share, driven by continued strong momentum across the business, offset by the impact of rising commodity costs, particularly at Fresh Dairy Direct. Department store operator Kohl's (KSS) announced that it now expects full-year earnings of $4.52 to $4.60 a share for fiscal 2012 versus its previous guidance of $4.50 to $4.65 a share. The company posted better-than-expected third-quarter results as same-store sales increased 1.1%. Shares slid 5.1%. Shares of Groupon (GRPN) were losing nearly 16% in after-hours action after the online deals company posted a surprise loss for the third quarter as revenue of $568.6 million fell short of analyst expectations of $590.1 million. Qualcomm (QCOM), the chip maker, easily beat Wall Street's consensus profit view on Wednesday and forecast non-GAAP earnings of $1.08 to $1.16 a share on revenue ranging from $5.6 billion to $6.1 billion for its fiscal first quarter. Shares popped 4.3%. Whole Foods Market (WFM) reported an in-line profit for its fiscal fourth quarter and announced Wednesday it raised its quarterly dividend by 40% to 20 cents a share. Shares slumped 5.9%. -- Written by Andrea Tse and Joe Deaux in New York.
>To contact the writer of this article, click here: Andrea Tse. Follow @Commodity_Bull
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV