Wall Street can’t seem to shake off the funk it's in lately. Stocks (^GPSC) (^DJI) (^IXIC) are on pace for the first weekly loss in nearly two months as commodity prices fell to multi-year lows and Fed policymakers lined up behind a likely December interest rate hike.
Retail sales disappoint
Retail sales rose less than economists were expecting in October, as consumers scaled back on automobile purchases but spent more online and eating out. The Commerce Department reported that retail sales increased just 0.1% last month after being unchanged in September.
It is looks like a Bah Humbug holiday season for some retailers.Nordstrom (JWN) slashed its outlook for the year after reporting a miss on both its top and bottom lines in the third quarter. Nordstrom is just the latest retailer to warn of weaker-than-expected consumer spending heading into the holiday shopping season.
J.C. Penney tops estimates
J.C. Penney (JCP) delivered a narrower-than-expected loss for the third quarter. Revenue also beat forecasts, rising 5% from a year earlier. Penney's benefited from having Sephora in its stores, as well as strong demand for home products and footwear.
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Yum! Brands (YUM) finally has some good news in China, just as it gets set to spin off its business in the country. Yum saw stronger-than-expected same-stores sales growth of 5% last month in China as more customers visited its KFC stores.
El Pollo Loco (LOCO) reported earnings per share that beat analysts' estimates. However, profits fell from a year earlier and revenue came in short of forecasts. The Tex-Mex fast food chain also trimmed its outlook for the year.
Cisco Systems (CSCO) lowered its guidance for its current quarter citing weaker global economic growth and the strong U.S. dollar. But earnings and revenue for its fiscal first quarter topped analysts' estimates, with profit jumping 33% thanks to the strong growth of some of it newer products.
Hulu partner power
Finally - an unlikely alliance in the world of streaming. The Wall Street Journal reports Hulu is in talks to sell a stake to Time Warner in a deal that would value Hulu at more than $5 billion. Time Warner (TWX) produces content for many of the networks and owns channels such as TBS and HBO, which has its own streaming option, HBO Now.
