NEW YORK (AP) — The stock market is opening lower after more disappointing news from blue-chip companies.
In early trading Thursday, Wal-Mart’s stock fell sharply after the company reported lower revenue at comparable stores and cut its profit outlook for 2013.
The Dow Jones industrial average fell 160 points, or 1 percent, to 15,177. The Standard & Poor’s 500 index lost 16 points, or 1 percent, to 1,669. The Nasdaq fell 45 points, or 1.3 percent, to 3,623.
Wal-Mart’s stock fell $1.82, or 2.4 percent, to $74.57. The company’s weak results follow Macy’s, which on Wednesday cut its outlook for the year.
Cisco plunged $1.86, or 7 percent, to $24.50 after the network equipment maker said it would cut about 4,000 jobs and its outlook fell short of most projections.