The U.S. traded in red by the afternoon session Wednesday as policymakers warned Europe's debt crisis posed dangers to the global economy and on growing signs the contagion was starting to spread to larger European nations.
The Dow Jones industrial average fell 0.30 percent or 35.76 points to trade at 12,057.64. The Nasdaq Stock Market Inc. composite index slipped 0.18 percent or 4.84 points to trade at 2,681.23. The Standard & Poor's 500 index was down 0.0.28 percent or 3.48 points to trade at 1,254.33. Among other major indices, the New York Stock Exchange composite index fell 0.18 percent or 13.33 points to trade at 7,495.72. The American Stock Exchange composite index was down 0.10 percent or 2.23 points to trade at 2,284.95.
Hot Stocks of the Day: TGT, DELL, SNF, COP, CI
Target Corp. (NYSE: TGT) earned $555 million, or $0.82 per share in its FY 2011 Q3, up from $535 million, or $0.74 per share, a year earlier. Analysts had forecasted a net profit of $0.74 per share for the company. Sales rose to $16.05 billion from $15.23 billion. Total revenue, reflecting the addition of credit-card revenue, rose 5.1 percent to $16.4 billion from $15.61 billion. Analysts forecasted a net profit of $0.74 on $16.05 billion of sales for the company. Shares added 2.52 percent, or $1.34, to trade at $54.52.
Dell Inc. (Nasdaq: DELL) missed revenue estimates for the second quarter running in its latest quarter declared after the closing bell Tuesday. In its FY 2012 Q3, Dell reported earnings of $0.54 a share, well above the 47 cents analysts expected, but it also reported revenue of $15.37 billion, well short of the $15.65 billion analysts expected. Shares were down 1.60 percent, or $0.25, to trade at $15.38.
Abercrombie & Fitch Co. (NYSE: SNF) today reported unaudited results which reflected net income of $50.9 million and net income per diluted share of $0.57 for the thirteen weeks ended October 29, 2011, compared to net income of $50 million and net income per diluted share of $0.56 for the thirteen weeks ended October 30, 2010. Shares tumbled 13.77 percent, or $7.71, to trade at $47.99.
ConocoPhillips (NYSE: COP) said Wednesday it will sell U.S.