Stocks Fall Following A Drop Overseas

U.S. stocks dropped on Wednesday, following a drop overseas. The Dow Jones Industrial Average lately shed 61.07 points, or 0.39%, to 15,689.60. The S&P 500 was down 5.05 points, or 0.29%, to 1,762.64. The Nasdaq Composite lost 11.66 points, or 0.30%, to 3,908.26.

U.K. unemployment rate is more likely than not to reach its crucial 7% threshold by the first quarter of 2015, assuming constant interest rates. That would possibly bring forward a hike in the BOE’s key lending rate.

Sina (SINA) reported better-than-expected third-quarter earnings today. Q3 revenue grew 22% year-
on-year to $185 million, above the $183 million consensus. Earnings per share came in at $0.42,
beating the consensus $0.32. The company guided Q4 revenue of$195-199 million (40-43% year-on-year growth), above the consensus $187 million.

Macy’s Inc. M +7.90% said Wednesday its third-quarter profit rose to $177 million, or 47 cents a
share, from $145 million, or 36 cents, a year earlier. Sales rose 3.3% to $6.28 billion.

Gol Linhas Aereas reported a net loss of 197 million reais ($85 million)in the third quarter,
compared to a loss of 309 million reais ayear earlier, according to a late Tuesday filing.

Apple Inc. (AAPL) is pouring a record $10.5 billion into new technology to shore up its supply
chain, in a bid to outpace rivals like Samsung Electronics Co., Bloomberg reported on Wednesday.