(By Salman - iStockAnalyst Writer)US stocks dropped for the third straight day Friday as investors reacted negatively to Dell Inc.'s worse than expected quarterly results. Shares also retreated as a stronger dollar weighed upon commodity sector.
The Dow Jones Industrial Average fell 14.28 points or 0.14% to finish at 10,318.16. The S&P 500 dropped 3.52 points or 0.32% to end at 1,091.38. The Nasdaq Composite slipped 10.78 points or 0.50% to 2,146.04.
Shares of Caterpillar Inc. (NYSE:
CAT) plummeted 66 cents or 1.13% to $57.95.
Diversified US firm General Electric Co. (NYSE:
GE) slid 17 cents or 1.08% to $15.59.
Among energy stocks, Chevron Corp. (NYSE:
CVX) dropped 57 cents or 0.74% to $76.77.
Early on Friday, D.R. Horton Inc. (NYSE:
DHI) said that fiscal fourth quarter narrowed to $231.9 million, or 73 cents per share, compared with a loss of $799.9 million, or $2.53 per share, in the year-earlier quarter. Revenue slid 42 percent to $1.01 billion. Shares of the company plunged $1.88 or 15.35% to $10.37.
Shares of J.M. Smucker (NYSE:
SJM) rallied $2.87 or 5.37% to $56.35 after it said that its second-quarter profit more than doubled to $140 million, or $1.18 per share, compared with $51.5 million, or 94 cents per share, in the comparable quarter last year. Revenue increased to $1.28 billion from $843.1 million.
Ann Taylor Stores Corp. (NYSE:
ANN) said Friday that it swung to a third-quarter profit of $2.07 million, or 3 cents a share, from a loss of $13.4 million, or 24 cents, in the corresponding quarter last year. Shares fell 19 cents or 1.38% to $13.62.
Late on Thursday, Dell Inc. (NASDAQ:
DELL) reported that third quarter net income dropped 54 percent to $337 million, or 17 cents per share, from $727 million, or 37 cents a share, in the same period a year ago. Revenue slumped 15 percent to $12.9 billion. Shares of pc maker plunged $1.58 or 9.96% to $14.29.
Clothing retailer Gap Inc. (NYSE:
GPS) reported that its third-quarter net income rose to $307 million, or 44 cents a share, from $246 million, or 35 cents a share, in the prior-year quarter. Revenue rose 1% from last year's quarter to $3.59 billion. Shares rose 9 cents or 0.41% to close at $21.95.
Novellus Systems (NASDAQ:
NVLS) on Thursday narrowed its revenue and earnings-per-share forecast for the fourth quarter. The chip equipment maker said it now expects revenue in the range of $225 million to $245 million, compared with a prior outlook in the range of $215 million to $245 million. Novellus expects earnings per share in the range of 25 cents a share to 40 cents a share, compared with a previous range of 20 cents a share to 40 cents a share. Shares of the company finished at $20.96, up 7 cents or 0.34%.
Shares of Nike Inc. (NYSE:
NKE) gained 36 cents or 0.57% to close at $63.92 after it raised its quarterly dividend by 8% to 27 cents a share from 25 cents. The dividend will be paid on Jan. 4 to shareholders of record at the close of business on Dec. 7.
European stocks settled down. The UK FTSE lost 16.29 points or 0.31% to 5,251.41. The German DAX and French CAC decreased 0.68% and 0.82% respectively.
Asian stocks finished lower. The Nikkei 225 fell 51.79 points or 0.54% to 9,497.68. The Hang Seng index of Hong Kong slipped 187.32 points or 0.83% to 22,455.84.
NYMEX crude oil for December delivery declined 63 cents or 0.8% to settle at $76.83 a barrel.
Disclosure: Author doesn't own any of the stocks discussed here.
