The US economy grew more slowly in the third quarter than was initially reported.
The Commerce Department revised third quarter gross domestic product to a 2% pace in the third quarter, from an initial estimate of 2.5%.
Economists had not expected as much of a downward revision.
US stocks are trending lower following the data, with the SPDR S&P 500 trading down slightly.
The dollar is trading lower, with the US Dollar Bullish Fund trading down over .1%. The Euro Trust , meanwhile, is trading up over .1%.
Gold is trading at $1,698 an ounce Tuesday, leading the iShares Gold Trust to trade up over 1.1%, while the SPDR Gold Shares trades up about 1.2%. The Gold Miners ETF () is trading up 1.8%.
Crude oil is trading at $98.50 a barrel, leading the... Read More
Hard drive maker Western Digital said today that a judgment was rendered against it late last week in an arbitration action brought by Seagate Technology .
An arbitration award of $525 million was rendered against Western Digital
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) in the confidential arbitration action. The award does not... Read More
Meat producer Tyson Foods reported a decline in fiscal fourth quarter earnings today.
Profits fell to $97 million, or $0.26 per share, from $213 million, or $0.57 per share, in last year's fourth quarter. Tyson said sales rose 12.9%, to $8.4 billion.
Per-share results fell short of analyst expectations, however revenue was just ahead.
Tyson's chicken unit netted a loss in the quarter, while it beef, pork, and prepared foods segments posted gains.
Tyson said it expects that price increases in all of its categories will help it hit its 2012 sales forecast of $34 billion or more. That forecast meets analyst expectations.
Investors are ringing in the new trading week on a sour note as the congressional "super-committee" in charge of lowering the deficit is expected to condede defeat, reignited the debate over taxing and spending, and opening the door for another US downgrade.
In overseas trading, Japan's Nikkei 225 Stock Average was lower by about a third of a percent, and the Hang Seng Index was higher by about 1.4 percent.
The FTSE 100 was was lower by almost 2.2 percent, and the German DAX was lower by 2.9 percent.
In the US, markets are sharply lower this morning.
Some key data due to be released this week includes GDP on Tuesday and initial claims on Wednesday.
On the earnings front, expect to hear from Books A Million and Chicos on Tuesdaym Read More
Lancaster Colony Corporation announced its quarterly dividend of 36 cents per share, an increase of about 9% over its prior dividend in September of 33 cents. The dividend will be payable December 30, 2011 to shareholders of record on December 9, 2011. The indicated annual payout for the current fiscal year ending June 30, 2012 is $1.41 per share, up nine percent from the $1.29 per share paid in fiscal 2011.
Shares are lower by about two percent.
In other dividend news, Precision Castparts Corporation
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Research In Motion was downgraded today by JMP Securities. A Market Underperform rating was assigned with a $12 price target. Estimates were also cut, as the smartphone sector is experiencing increased competition.
Data storage platform company Fusion-io () is seeing its shares decline today, with heavier than usual volume, after it priced a follow-on public offering.
The company said late yesterday it had price an offering of 8.84 million shares of common stock at $33 per share.
3 million of the shares are being offered by Fusion-io, while the remainder are being offer by selling stockholders.
Fusion-io will not receive any proceeds from shares sold by stockholders.
Underwriters have been granted the option to purchase an additional 1.3 million shares from the stockholders.
Market News Video produces and distributes online videos about stocks and investing.
Footwear retailer DSW reported third quarter earnings today of $53.7 million, or $0.75 per share, compared to a loss of $3.3 million, or $0.79 per share, last year.
Adjusted earnings of $0.88 per share beat analyst estimates.
Revenue, up 8.5% to $530.7 million, was shy of forecasts.
DSW raised its full year guidance to earnings of $2.90 to $2.95 per share.
Jewelry retailer Zale reported a narrower loss for its fiscal first quarter following the close of trading yesterday.
Zale's loss narrowed to $32 million, or $0.99 per share, from a loss of $97 million, or $3.03 per share, in last year's first quarter.
The loss was narrower than analysts expected, as well.
Revenue rose 7.3%, to $351 million, on same-store sales of 5.8%.
Gross margin rose to 53.5 % from 50.5%, on price hikes and lower discounts that were partially offset by rising commodity costs, the company said.
Zale CEO Theo Killion noted the company's performance demonstrates the progress it is making towards returning to profitability, as its efforts to expand operating margins gain traction.
Several China-based solar power companies are reporting lackluster earnings today.
JA Solar
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people
) posted a loss in the third quarter of $0.36 per American depositary share, compared to earnings of $0.49 per share last year.
JA Solar also cut its full year shipments forecast.
Solar panel producer Suntech Power HoldingsRead More
The US economy grew more slowly in the third quarter than was initially reported.
The Commerce Department revised third quarter gross domestic product to a 2% pace in the third quarter, from an initial estimate of 2.5%.
Economists had not expected as much of a downward revision.
US stocks are trending lower following the data, with the SPDR S&P 500 trading down slightly.
The dollar is trading lower, with the US Dollar Bullish Fund trading down over .1%. The Euro Trust , meanwhile, is trading up over .1%.
Gold is trading at $1,698 an ounce Tuesday, leading the iShares Gold Trust to trade up over 1.1%, while the SPDR Gold Shares trades up about 1.2%. The Gold Miners ETF () is trading up 1.8%.
Crude oil is trading at $98.50 a barrel, leading the... Read More
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