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Dow back to positive territory for year

Wednesday, Aug 13, 2014 - 02:18

Summary: Stocks rise, shrug off weak retail results; Cisco beats expectations; Macy's, Deere misses forecasts; Amazon takes on PayPal, Square. Bobbi Rebell reports.

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Investors went bargain hunting on signs of easing tensions in Ukraine and Iraq. The major indexes all posting gains- with the Dow turning positive for the year. The stocks that did lose were dramatic- both Candy Crush maker King Digital and Sea World Entertainment stocks had disasterous days after weak earnings reports. After the bell - Cisco earnings beating forecasts. Revenue fell- but less than expected. A stall at the mall- U.S. retail sales coming in weaker than expected in July - a sign momentum may be slowing early in the third quarter. Macy's stock was on sale-falling after the retailer cut its full-year same-store sales forecast. Earnings also missed estimates- the company had to discount heavily to win business- hurting profit margins. Fossil also lower on disappointing results. But the markets may be rushing to judgment too fast says Reuters Jharonne Martis: SOUNDBITE: JHARONNE MARTIS, DIRECTOR OF CONSUMER RESEARCH, THOMSON REUTERS (ENGLISH) SAYING: "We are seeing an improvement from the first half of the year but the recovery is very slow. Today we saw numbers from Macy's and yesterday we saw from Kate Spade. And what the market is really focusing on is the fact that these companies are using words like promotions and discounts and lower margins and what they - they immediately discount these companies as opposed to taking a closer deep dive and noticing that the growth rates of these companies are actually growing. Macy's for example, even though they missed earnings estimates today, they did post double digit earnings growth." Grain prices are falling- that hurt Deere profits. They missed forecasts- and Deere also cut its outlook. Amazon taking on PayPal and Square - introducing a $10 e-card reader and mobile app for brick and mortar businesses- the latest step for the online retailer- to expand its offline presence. Jaguar Land Rover, a unit of Tata Motors is recalling 46,000 Land Rover SUV's in the U.S. and Canada- because of problems with the airbags. Outside the U.S.: Brazil stocks moving lower- after Presidential candidate Eduardo Campos was killed in a plane crash Wednesday. Brazil is the world's seventh largest economy. And in Europe - continuing concerns about the Ukraine crisis limited gains in the major European indexes.

Dow back to positive territory for year

Wednesday, Aug 13, 2014 - 02:18

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