U.S. stocks drifted lower by the close on Tuesday as fiscal cliff concerns outweighed strength in the consumer discretionary sector. The Dow Jones Industrial Average fell 58.90 points, or 0.46%, to 12,756.18, and the S&P 500 Index declined 5.50 points, or 0.40%, to close at 1,374.53. The Nasdaq Composite Index fell 20.37 points, or 0.70%, to finish at 2,883.89.
Advanced Micro Devices (AMD) has hired JPMorgan Chase & Co to explore options, which could include a potential sale, as the chipmaker struggles to find a role in an industry increasingly focused on mobile and away from traditional PCs, according to three sources familiar with the situation.
Cisco Systems Inc. reported an 18% gain in earnings for its first fiscal quarter Tuesday afternoon, modestly beating Wall Street’s estimates for the period. For the quarter ended Oct. 27, Cisco (NASDAQ:CSCO) reported net income of $2.1 billion, or 39 cents a share, compared with net income of $1.8 million or 33 cents a share for the same period last year. Revenue rose 6% to $11.9 billion.
Zynga Inc. (NASDAQ:ZNGA) announced an executive shakeup after the close of trading Tuesday that includes the departure of Chief Financial Officer David Wehner.
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