Midday Report: Amazon Approves Buyback; Stocks Slump in Selloff

Stocks were sharply lower as investors fled to safe-haven assets in the face of global uncertainty. Central banks took center focus with many skeptical that officials can rein in rampant volatility and soothe financial markets. Cisco (CSCO) jumped after reporting a 31% increase in quarterly profit. Sales of routing equipment climbed, reflecting strong demand from telecoms. Cisco also raised its dividend and authorized an additional $15 billion in share buybacks. Whole Foods (WFM) shares were active after quarterly same-store sales fell, though at a slower-than-expected pace. The supermarket chain expects sales growth of at least 3% in fiscal 2016. Amazon's (AMZN) board approved the repurchase of up to $5 billion of the company's stock. The repurchase program replaces a $2 billion buyback plan authorized back in 2010.