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US stocks closed mixed on Thursday, with Walmart falling 8% after earnings disappointing. The Dow Jones Industrial Average dropped about 0.1%, while the Nasdaq Composite and the S&P 500 gained near 0.1%.
Walmart reported quarterly earnings that topped estimates and raised its annual outlook, but by slightly less than expected. Its shares fell around 8%. Macy’s stock jumped more than 5% after the department store’s profit beat expectations as freight costs improved.
The Labour Department reported first-time jobless claims rose to 231,000 vs. 217,000 in the previous week, and the Philadelphia Fed manufacturing index unexpectedly improved to -5.9 in November vs. October’s -9.0 reading.
Cisco Systems plummeted nearly 12% after reporting fiscal first-quarter earnings that topped estimates, though product orders fell again. The company’s outlook for CSCO stock in the current January-ending quarter came in well short of expectations.
Walmart plunged more than 6% after the company cautioned that consumer spending may be softening. However, it beat third-quarter estimates, with earnings of $1.53 a share on sales of $160.8 billion. Analysts expected profits of $1.52 a share on revenue of $159.65 billion.
Other earnings movers for the session included Alibaba, Macy’s, NetEase, and Palo Alto Networks. Alibaba stock plunged 8.7% in morning trade, while Macy’s stock soared nearly 13%.
