Midday Report: Macy's Sinks Kohl's; Wall Street Down for Day Three
Stocks were lower for their third day in a row as worry over a potential dispute with North Korea bred uncertainty. The Dow has returned below the 22,000 level reached at the beginning of the month. Kohl's Corp. (KSS) - Get Report was the worst performer on markets, responding to a disappointing outlook from industry peer Macy's Inc. (M) - Get Report . That overshadowed a fairly good quarter for Kohl's. Adjusted earnings and revenue both beat estimates, while traffic trends accelerated. Perrigo Co. (PRGO) - Get Report was the best performer after exceeding quarterly forecasts. The drugmkaer made progress in its cost-cutting plans designed to deliver annual cost savings of more than $130 million dollars by mid-2018. Apple Inc. (AAPL) - Get Report again drove Dow direction as the tech sector weighed on broader markets. Tech stocks have been susceptible to selloffs in recent months after a strong run-up at the beginning of the year.
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