Meanwhile, the number of people filing for first time jobless benefits rose by 9,000 to 269,000.
Sears Holdings (SHLD) reported a wider-than-expected loss for the third quarter. While revenue came in slightly above expectations, sales fell 20% from a year earlier because of weak demand for apparel and consumer electronics.
Dollar General (DG) handed in mixed results for the third quarter. Earnings per share came in a penny above forecasts. Sales increased 7% from a year earlier thanks to solid traffic in its stores, but revenue still came in below estimates. The company also lowered its sales outlook for the year and named interim chief financial officer John Garratt as permanent CFO.
Aeropostale (AEO) posted a bigger-than-expected 20% drop in revenue as heavy discounts and charges related to store closures took a toll on sales. However, the mall-based teen retailer did see an improvement in margins and posted a narrower-than-expected loss in the third quarter.
American Eagle Outfitters (ARO) said its holiday season is off to a solid start and named interim Chief Executive Jay Schottenstein as its permanent CEO. The teen retailer also reported third-quarter profit that topped analysts' estimates, but revenue fell short of forecasts.
YouTube to launch streaming service
A new competitor wants to take on Netflix (NFLX) and Amazon (AMZN). The Wall Street Journal is reporting that YouTube (GOOG) is looking to add streaming rights to TV series and movies to strengthen its subscription service called “Red.” The service currently offers ad-free videos and streaming music.
McDonald’s faces EU tax probe
McDonald's (MCD) is under fire overseas. European Union regulators confirmed they have opened a full-blown investigation into McDonald's tax deals in Luxembourg. The fast-food chain is the fourth multinational to be targeted by the EU.