Stocks Opened Lower, Best Buy Beat Expectation

U.S. stocks opened lower on Thursday, after data showed US unemployment aid applications fell to 291000. The Dow Jones Industrial Average lately dropped 50.99 points, or 0.29%, to 17,634.74. The S&P 500 was down 3.98 points, or 0.19%, to 2,044.74. The Nasdaq Composite was off 1.33 points, or 0.03%, to 4,674.38.

Best Buy Co Inc (BBY), the largest U.S. consumer electronics retailer, reported a better-than-expected profit as cost cutting paid off and revenue increased after seven quarters of decline.  Total revenue rose slightly to $9.38 billion from $9.32 billion. Net income attributable to Best Buy shareholders nearly doubled to $107 million, or 30 cents per share, from $54 million, or 16 cents per share, a year
earlier.

The number of Americans filing new claims for unemployment benefits fell less than expected last week, but continued to point to strengthening labor market conditions. Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 291,000 for the week ended Nov. 15, the Labor Department said on Thursday.

Prices in the U.S. excluding fuel and food increased more than forecast in October as a drop in energy costs failed to filter through to other goods and services. The steady reading for inflation last month followed a tiny 0.1 percent increase in September and a 0.2 percent drop in August, the Labor Department said Thursday. Energy prices fell 1.9 percent last month while food costs edged up a slim 0.1 percent.