stocks Fall as Earnings Ding Sentiment
- Thursday, January 16, 2014, 9:51
- Stock Market
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U.S. stocks started lower on Thursday, as investors digested the latest batch of corporate earnings. The Dow Jones
Industrial Average lately fell 63.32 points, or 0.38%, to 16,418.62. The S&P 500 lost 5.04 points, or 0.27%, to
1,843.34. The Nasdaq Composite fell 8.11 points, or 0.19%, to 4,206.77.
Citigroup said fourth-quarter profit more than doubled, but still fell short of analysts’ forecasts on weakness in
new mortgage loans and weak revenues from bond trading. It earned $2.7 billion, or $0.85 per share, on revenues of
$17.8 billion. This compared to net income of $1.2 billion, or $0.38 per diluted share, on revenues of $17.9
billion for the fourth quarter 2012.
Best Buy Co Inc said on Thursday that total revenue and sales at its established U.S stores fell in the all-
important holiday season due to intense discounting by rivals, supply constraints for key products and weak
traffic in December.Total revenue fell about 2.6 percent to $11.45 billion in the nine-week period.
Goldman Sachs Group Inc reported a 21 percent drop in quarterly profit as revenue from fixed-income trading fell.
Net income applicable to common shareholders fell to $2.25 billion (1.37 billion pounds), or $4.60 per share, in
the fourth quarter from $2.83 billion, or $5.60 per share, in the same quarter of 2012.
The number of Americans filing new claims for unemployment benefits fell for a second week last week. Initial
claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 326,000, the Labor Department said.
U.S. consumer prices rose a seasonally adjusted 0.3% in December, led by higher energy and shelter costs, the
Labor Department said Thursday.
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