Share “Stocks close lower after weak retail reports”

Stocks close lower after weak retail reports

Associated Press Modified: November 15, 2012 at 4:15 pm •  Published: November 15, 2012

The European Union's statistics agency confirmed that the euro zone, the group of 17 countries that use the euro currency, is in recession. The economy in the region shrank 0.1 percent in the third quarter from the previous three-month period.

Among the retailers disappointing Wall Street with lower earnings forecasts, Ross Stores, whose stores includes Ross Dress for Less, fell 70 cents, or 1.3 percent, to $54.44. Limited Brands dropped $1.10, or 2.4 percent, to $45.50.

The yield on the 10-year Treasury note was little changed at 1.59 percent.

Among stocks making big moves:

— NetApp, a data storage business, jumped $3.08, or 11.3 percent, to $30.20 after the company reported earnings that were higher than analysts were expecting.

— Viacom, the owner of Nickelodeon, MTV and the Paramount movie and TV studio, rose $1.24, or 2.6 percent, to $49.23. The media conglomerate did better than investors had expected thanks to lower costs and higher fees from cable and satellite companies for carrying its cable networks.

— Petsmart, a specialty pet retailer, jumped $2.63, or 4.1 percent, to $67.48 after raising its full-year outlook.

— Target rose $1.06, or 1.7 percent, to $62.44 after reporting that its profit rose more than analysts had forecast. The company also issued a strong outlook heading into the critical holiday season.

— Dollar Tree, a discount retailer that sells items for $1 or less, gained $1.94, or 5.1 percent, to $39.70 after the company said its net income rose 49 percent in the third quarter.

— Apple's market value fell below $500 million for the first time since May, as the maker of smartphones and tablets dropped $11.26, or 2.1 percent, to $525.62. The company's market value climbed as high as $658 million Sept. 19, according to FactSet data.