U.S. stocks opened lower Wednesday after a two-day rally to start the week. Disney’s (NYSE:DIS) earnings report Tuesday evening after the bell was a significant factor for the market’s lower valuations. Also contributing to the losses were Macy’s (NYSE:M) and Staples (NASDAQ:SPLS), both retailers with disappointing earnings and outlooks.
Disney’s earnings results late Tuesday missed analysts’ expectations for both revenue and earnings. Revenue was $12.97 billion, up 4.1% from the comparable quarter and missing analysts’ expectations by $220 million. EPS of $1.36 missed analysts’ expectations by 4 cents. On Wednesday, shares are down 4.52 points or 4.24% to $102.08. In the broader market, the Dow Jones Industrial Average is down 144.28 points to 0.80% at 17,784.07. The S&P 500 is down 11.67 points or 0.56% to 2,072.72. The SPDR S&P Retail Index is down 1.58 points or 3.62%. In a CNBC interview, industry specialists discussed their insights on the company and its earnings report. Continue Reading »