Nov. 13 - Summary of business headlines: Cisco earnings beat estimates; Dow drops again; Microsoft shares drop on exec departure; Home Depot raises forecast. Bobbi Rebell reports.
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Investors cheered Cisco's earnings report after hours on Tuesday. Shares jumped after the company reported higher quarterly revenue and earnings that beat analysts forecasts.
Reuters Nicola Leske:
SOUNDBITE: NICOLA LESKE, REUTERS REPORTER (ENGLISH) SAYING:
"They beat both on revenue and earnings per share this quarter thanks to good execution and cost cuts, and also due to their very broad range of products. However, Cisco is bracing for a somewhat slower growth in the second quarter. But analysts said that's still great because the environment, the macro environment is probably going to stay sluggish so showing any kind of growth is good."
A big slide in shares of Microsoft pressured U.S. stocks. Windows division chief Steve Sinofsky is leaving the company just two weeks after launching the Windows 8 operating system.
A brighter outlook for retailers after Home Depot said prospects for housing have improved in the coming quarters. The company raised its full-year outlook, driving its stock to levels not seen since April of 2000 .
Taking a look at the closing numbers- investors remain worried about the fiscal cliff- stocks in the US dropped- the S&P 500 is down more than 2 percent so far this month.
In Europe, financial stocks helped lift the major indexes higher on speculation Spain may be close to asking for a sovereign bailout.
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