Midday Report: West Elm Drives Williams-Sonoma Sales; Crude Oil Falls

U.S. stocks move lower in an unsettled session following a series of earnings disappointments from retailers.
Author:
Publish date:

U.S. stocks moved lower Friday following a series of earnings disappointments from retailers. Crude oil also pulled markets lower as it tested its $45 support level. Abercrombie& Fitch (ANF) - Get Report tumbled after an 81% slump in third-quarter profit. The apparel retailer also reported a 6% drop in same-store sales, a sharper decline than analysts expected. Williams-Sonoma (WSM) - Get Report reported a mixed quarter and offered a downbeat outlook. The homewares chain saw a decline in comparable-brand sales at Pottery Barn, while sales at West Elm continued to outpace its other brands. Salesforce.com (CRM) - Get Report led the tech sector higher after guiding for better-than-expected sales in its fourth quarter. The cloud software developer also anticipates sales of more than $10 billion over the next fiscal year. TheStreet's Keris Lahiff reports from Wall Street.