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Stocks slide on Wall Street; CVS, American Eagle fall after cutting profit forecasts

August 6, 2013 at 8:28PM

NEW YORK — Stocks are falling on Wall Street after retailers disappointed investors with lower profit forecasts.

IBM pulled the Dow Jones industrial average lower after Credit Suisse cut its rating on the stock.

The Dow was down 100 points, or 0.6 percent, to 15,511 shortly before noon Tuesday.

The Standard & Poor's 500 index fell 10 points, or 0.6 percent, to 1,696. All 10 industry groups in the index fell.

The Nasdaq composite index fell 28 points, or 0.8 percent, to 3,664.

American Eagle slid 15 percent to $16.89 after the teen retailer slashed its earnings forecast, blaming weak sales. Cutting prices on clothing to lure shoppers shrunk the company's profit margins.

CVS Caremark fell 3 percent to $59.89 after cutting the top end of its 2013 earnings forecast.

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The Charging Bull sculpture by Arturo Di Modica, in New York's Financial District, is shown in this photo, Wednesday, Feb. 7, 2018. The current bull market is set to turn nine years old in about a month. As of Jan. 26, the date of the last market record, the S&P 500 had more than quadrupled over that time. The market had made big gains over the last year, and many experts felt stocks were overdue for a slump. (AP Photo/Richard Drew)
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