U.S. stocks opened lower on Thursday after earnings disappointments from corporations including technology giant and Dow component Cisco Systems. The Dow Jones Industrial fell 39 points to 12,200. The Standard & Poor's 500 Index dipped 4 points to 1,316 while the Nasdaq Composite declined 21 points to 2,767. In the tech space Akamai is down 15% following earnings. Cisco is down 13% approaching the lows from December. Cisco news doesn't seem to be hurting many other techs. Rival, Juniper is trading higher. Apple opened lower, but then traded higher. Can't keep that stock down. In the insurance space, Allstate and Metlife are modestly lower following earnings. Prudential is jumping 2% after beating estimates. The rest of the financials are unchanged or modestly lower. Huntington Bancshares was upgraded, but the stock isn't moving. The commodities opened lower, but are battling back. Apache and Agrium are higher on upgrades. Louisiana Pacific is jumping 4% on earnings. Noble Energy is unchanged following earnings. Other companies reporting earnings include Goodyear, Molson Coors, Pepsi, Sprint, Bunge, and Phillip Morris. Goodyear is jumping 7%, Sprint is up 2%, and Pepsi is lower by 2%. Within the first hour the Dow fell 70 points only to rally back on rumors the Egyptian President was set to step down. The averages remain in the red, but a number of techs, financials, and commodities are in the green. Through the morning the averages continued to recover with the Nasdaq moving into the green and the Dow inching closer to the unchanged level. In the afternoon the averages pulled back once again. Take Cisco out of the Dow and Nasdaq and both averages would easily be in the green. Apple had a sharp selloff in the middle of the afternoon along with Verizon due to concerns that Verizon iphone sales have not lived up to the hype. AT&T and Research in Motion are higher due to this news. In the last hour the averages rebounded even though the President of Egypt would not give up all his power, but only the day to day operations, whatever that means. The Dow Jones Industrial Average ended its eight-session winning streak declining 10 points to 12,229, dragged lower by a 14% drop in Cisco Systems. The S&P 500 ended up a point at 1,321. The Nasdaq Composite inched up a point to 2,790.
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