Stocks slide as retailers disappoint; IBM falls
NEW YORK (AP) — Stocks are falling on Wall Street after retailers disappointed investors with lower profit forecasts.
IBM pulled the Dow Jones industrial average lower after Credit Suisse cut its rating on the stock.
The Dow was down 100 points, or 0.6 percent, to 15,511 shortly before noon Tuesday.
The Standard & Poor’s 500 index fell 10 points, or 0.6 percent, to 1,696. All 10 industry groups in the index fell.
The Nasdaq composite index fell 28 points, or 0.8 percent, to 3,664.
American Eagle slid 15 percent to $16.89 after the teen retailer slashed its earnings forecast, blaming weak sales. Cutting prices on clothing to lure shoppers shrunk the company’s profit margins.
CVS Caremark fell 3 percent to $59.89 after cutting the top end of its 2013 earnings forecast.