U.S. Stocks Retreat After Cisco Misses Estimates; Disney Drops
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U.S. stocks slid, with benchmark indexes falling for the third time this week, after Cisco Systems Inc. and Walt Disney Co. missed analyst estimates and concern over Europe’s debt crisis intensified.
Cisco, the sixth-largest U.S. technology company by market value, plunged 16 percent, the most since 1994. Hewlett-Packard Co. slumped 2.4 percent as technology stocks declined the most among 10 industries in the Standard & Poor’s 500 Index. Disney fell 2.9 percent. GameStop Corp. rallied 4.8 percent after the video-game retailer said it will add content to its digital catalog.