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Apple pulls down Nasdaq

Thursday, May 12, 2016 - 01:13

The Dow traded in a 178 point range but ended the day flat along with the S&P 500. Fred Katayama wraps up the market action.

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The Dow traded in a 178 point range but ended the day flat along with the S&P 500. Apple dragged the Nasdaq lower. The biggest decliner on the S&P 500: Kohl's. Quarterly profit plummeted 87 percent, and the department store chain surprised Wall Street with a drop in sales at existing stores. Brinker Capital's Thomas Wilson: (SOUNDBITE) THOMAS WILSON, SENIOR INVESTMENT MANAGER, BRINKER CAPITAL, (ENGLISH) SAYING: "I think it would be incorrect for investors to extrapolate that these companies that had poor results is a signal that the consumer is weak. Because we don't see it that way. There's a lot of data that would suggest the consumer is strong." Ralph Lauren's profit also plunged. But the luxury apparel retailer's earnings beat estimates, boosted by growth in online sales and an extra week in the quarter this year. Jack in the Box shares sprung higher. Busier traffic at the company's Qdoba Mexican Eats restaurants fattened profit which blew past analysts estimates. Monsanto shares spurted higher on reports Bayer and BASF are interested in buying the seed producer. In economics news, jobless claims rose last week to a more than one-year high. But economists put the blame on striking workers at Verizon. In Europe, weak earnings results pushed shares lower.

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Apple pulls down Nasdaq

Thursday, May 12, 2016 - 01:13