Superstorm Sandy Depresses Retail Sales, Markets Open Lower
Superstorm Sandy depressed October retail sales to weigh the markets down to a lower open with the Dow falling 58 points to 12,697. Nasdaq lost 8 points to 2875. On the upside
Abercrombie & Fitch (NYSE: ANF) reported higher third quarter earnings that beat analyst expectations by a wide margin and forecast full year earnings well ahead of estimates. The lock-up period for approximately 852 million Facebook (Nasdaq: FB) shares expires today. Cisco Systems (Nasdaq: CSCO) reported higher first quarter revenue and earnings that topped analyst estimates.On the downside Iamgold (NYSE: IAG) reported higher third quarter earnings but the results fell short of expectations. A Seeking Alpha contributor wrote that Sony (NYSE: SNE) will continue to face strong competition and suffer from falling sales. Advanced Micro Devices (NYSE: AMD) denied rumors that it was selling itself. In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 785.