Midday Report: Walmart, Cisco Drag Dow Lower; Alibaba Rallies on Sales Gains

The Dow Jones Industrial Average was on track to close lower for the first time in five days after disappointing quarterly performances from index components Cisco Systems Inc. (CSCO) - Get Report and Walmart Stores Inc. (WMT) - Get Report . The S&P 500 and Nasdaq were also sharply lower. Cisco Systems reported a decline in quarterly profit and sales. Revenue came in slightly higher than estimates, but dropped for its seventh straight quarter in a row. Cisco's core switching and routing business fell. L Brands Inc.  (LB) - Get Report was the worst performer on the S&P following a soft outlook. The Victoria's Secret parent targets full-year profit of no more than $3.20, falling short of consensus. Alibaba Group Holding Ltd. (BABA) - Get Report rallied after a double-digit increase in quarterly sales. The company also reported 96% growth in its newer cloud computing unit, a result Alibaba said strengthened its "position beyond core commerce."