Wall Street Lower On Technology Stocks Results, Despite Fall In Jobless Claims
By:NewsyStocks   Thursday, February 10, 2022 12:24 PM



US stocks were trading lower on Thursday, despite better-than-expected unemployment report, as investors weighed disappointing corporate earnings by Cisco Systems and Akamai over the unemployment report.

The Dow Jones industrial Average was trading lower by 38.03 points, or 0.31 percent to reach 12,201.86, while Nasdaq was trading lower by 10.64 points, or 0.38 percent to 2,778.43. The S&P 500 was also trading lower by 4.24 points, or 0.32 percent to 1,316.64 in the morning session of trade on Thursday.

Cisco Systems Inc. (Nasdaq: CSCO) was trading lower by 12.71 percent to $19.24, after the company reported 18 percent fall in its net income for second quarter of FY 2011, after the closing bell on Wednesday. The company reported net income of $1.5 billion, or $0.27 per share, compared to $1.9 billion, or $0.32 per share in the same period last year.

Akamai Technologies Inc. (Nasdaq: AKAM) was trading lower by 16.17 percent to $40.23, after the provider of Internet content management technology issued a lower-than-expected revenue forecast for the first quarter of FY 2011.

On the other side, the labor department showed the initial jobless claims for the week ended February 5, 2022 dropped to 383,000 claims from 419,000 claims reported in the prior week. The reported claims clearly beats the economists' estimated claims of be 410,000.

Among other companies reporting their earnings, Allstate Corporation was trading lower by 4.42 percent to $30.93, after the company reported a slide in its net income to $296 million, or $0.55 per share, compared to $518 million, or $0.96 per share in the same period last year.

PepsiCo Inc. (NYSE: PEP) reported a 5 percent decline in net income for the fourth quarter because of higher costs. The company reported net income of $1.37 billion, or $0.85 per share compared to $1.43 billion, or $0.90 per share reported in the same period last year. The stock is trading lower by 2.24 percent to $62.98 on Thursday.

The Crude Oil was trading at $87.26 a barrel, gaining 0.55 points, or 0.63 percent. Gold stood at 1,358.10, losing 7.60 points, or 0.56 percent.

In the European Market, France's CAC 40 was trading lower by 0.15 percent to 4,084.76, while Germany's DAX was trading lower by 0.11 percent to 7,312.63. Britain's FTSE 100 was also trading lower by 0.69 percent to 6,010.52 Thursday.


 

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