Stock open flat; retailers report earnings
By MATTHEW CRAFT AP Business Writer November 14, 2011 9:06AM
Traders work on the floor of the New York Stock Exchange. | AP Photo/Richard Drew
NEW YORK (AP) — Stocks are opening mixed on Wall Street as retailers report lower results.
J.C. Penney Co. fell 1.5 percent in early trading Monday after reporting a quarterly loss. The department store operator said its results were weighed down by restructuring costs. It lowered its earnings outlook for the rest of the year.
IBM is up 1 percent after the investor Warren Buffett said his firm has been buying the company’s stock this year. The purchases have given Berkshire Hathaway Inc. a 5 percent stake in IBM.
Minutes after the opening bell, the Dow Jones industrial average is up less than a point at 12,154. The S&P 500 index is down 6, or 0.4 percent, to 1,257. The Nasdaq composite is down 8, or 0.3 percent, to 2,670.
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