Stocks broke a two-day winning streak after some disappointing corporate results. Best Buy (BBY) spent most of the day down nearly 30% after the company reported same-store sales fell 8% in the holiday season.
Goldman Sachs (GS) and Citigroup (C) both reported fourth quarter results before the opening bell. Goldman’s earnings and revenue fell from last year, but did beat analysts’ estimates. Citigroup’s quarterly profits more than doubled from the same period a year ago, but earnings missed Wall Street estimates by a significant margin.
Also trading lower were shares of Intel (INTC) ahead of the company’s fourth quarter results, expected after the bell.
Shares of LinkedIn (LNKD), however, rose more than 5% after news the networking site hired Derek Shen, founder and former CEO of China’s Nuomi.com, to be the new President of LinkedIn China. The move signals LinkedIn’s long-awaited push into China’s market.