Stocks Open Lower On Weak Corporate Outlooks
The stock market is sharply lower after more disappointing news from blue-chip companies. The Dow has been 200 points lower in early trading.
Wal-Mart’s stock fell sharply after the company reported lower revenue at comparable stores and cut its profit outlook for 2013. The company’s weak results follow Macy’s, which on Wednesday cut its outlook for the year.
Cisco plunged 7 percent after the network equipment maker said it would cut about 4,000 jobs and its outlook fell short of most projections.