Markets Mixed as Investors Doubt Imminent Resolution to Fiscal Cliff
Against a background of political maneuvering in Washington to avert the fiscal cliff, investors stayed on the sidelines mulling over the latest batch of unemployment claims and revised 3rd quarter GDPf. The Dow slipped 2 points to 13,249 while Nasdaq lost 4
points to 3040. On the upside
First quarter earnings slipped for Jabil Circuit (NYSE: JBL) but the results were better than expected.
CarMax (NYSE: KMX) reported higher third quarter earnings and revenue that surpassed analyst expectations.
On the downside Pershing Square Capital's Bill Ackman said that Herbalife (NYSE: HLF) was a pyramid scheme with the stock selling off for a second consecutive day.
Fourth quarter earnings plunged for Carnival (NYSE: CCL) and the cruise line operator forecast full year results that fell short of expectations.
Shares of Discover Financial Services (NYSE: DFS) fell after higher 4th quarter earnings missed targets while the credit card company set aside money to cover potential loan losses. In the broad
market, advancing issues outpaced decliners by a margin of 4 to 3 on the
NYSE and by a narrow margin on Nasdaq.
The broader S&P 500 index edged up a point to 1437.