(AS of 7:20 am PST)
Stocks are lower in early trading after yesterday’s
slight rebound. Investors reacted to
mixed earnings this morning with negative sentiment taking hold early. Shares of Target Corp. fell 4% after the
retailer lowered its outlook for the remainder of the year. Shares of Office Depot also fell nearly 2%
despite a higher outlook. Positive
reports from Coach Inc. and CVS Caremark lifted shares while Motorola stock
dropped on a weak report. Markets maintained
losses after two economic reports hit the wires at 7:00 am PST. The ISM services index came in better than
expected while a report on factory orders showed improvement from the prior
month. Despite the mostly positive data,
markets are trading decidedly lower on the day as yesterday’s rebound seems to
be now a distant memory. The battle between
the bulls and bears carries on this week with uncertainty over market direction
perhaps the greatest risk of all right now.
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