- The recent rally for U.S. equities sputtered at midday on Thursday, Nov. 16, 2023 after several companies warned about customer spending.
- Cisco Systems led the Dow and S&P 500 lower as it reported a pullback in orders.
- Intel shares soared as Wedbush upgraded the stock and raised its price target.
The rally for U.S. equities stalled at midday as several big firms warned about customer spending. The Dow, S&P 500, and Nasdaq all lost ground.
Cisco Systems (CSCO) was the worst-performing stock in the Dow and S&P 500 as the computer networking equipment maker cut its guidance as it faced a pullback in orders.
Palo Alto Networks (PANW) shares also sank after the cybersecurity firm projected current quarter billings that were below forecasts as companies cut back on IT spending.
Shares of Walmart (WMT) plunged after the giant retailer indicated that it saw a slowdown in consumer spending heading into the key holiday shopping season.
Intel (INTC) shares took off as Wedbush upgraded the stock and raised the price target, pointing to the chipmaker’s third-party manufacturing business and its upcoming launch of new products.
Shares of Generac Holdings (GNRC) advanced on an upgrade from Bank of America, which also raised its price target as the maker of home generators cleared inventory.
Shares of internet domain name provider Verisign (VRSN) jumped on word the number of domain names registered in the third quarter was up 2.4% over the past year.
Oil futures fell and gold prices gained. The yield on the 10-year Treasury note declined. The U.S. dollar was down to the euro, pound, and yen. Trading in major cryptocurrencies was mixed.