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Tesla plunges on outlook

The Dow and the S 500 ended lower on Tuesday following two sessions of gains as investors weighed the implications of strong economic data for the path replica michael kors of monetary policy over the next replica cheap Michael Kors several months.

After the cheap Michael Kors closing bell, Tesla Motors Inc reported a stronger than expected third quarter profit, cheap michael kors handbags but offered a fourth quarter outlook that fell short of Wall Street estimates. The company stock fell about 11 per cent.

Among top declining sectors were energy and telecoms which had been market leaders in the previous day. The S energy sector index fell 0.8 per cent and the telecom service sector index lost 1.9 per cent.

“Despite the bounce at the beginning of this week, equity markets likely need cheap michael kors bags further consolidation, pullback before a more meaningful upside rally can develop given short term indicators remain overbought,” said cheap michael kors Robert Sluymer, analyst at RBC Capital Markets in New York.

The Institute for Supply Management said its services index rose a point to 55.4 in October despite a partial government shutdown during the first half of the month. The cheap michael kors reading came in higher than September 54.4, handily beating expectations for a slight deceleration.

Investors are scrambling to measure the impact of strong data on the Federal Reserve decision to keep pumping $85 billion monthly into the economy through bond purchases. This stimulus has been instrumental michael kors cheap in spurring a rally that has set the S 500 on course toward its best year in a decade.

The Fed has stressed its decision to change the level of stimulus is data dependent. Once the economy is strong enough, it has said it may begin fake michael kors to withdraw its massive bond purchases.

The Dow Jones industrial average was down 20.90 points, or 0.13 per cent, at 15,618.22. The Standard Poor 500 Index was down 4.96 points, or 0.28 per cent, at 1,762.97. The Nasdaq Composite Index was up 3.27 points, or 0.08 per cent, at 3,939.86.

On the New York Stock Exchange, declining stocks beat advancing ones by 2,045 to 956 while on the cheap Michael Kors Nasdaq, decliners beat advancers by 1,473 to 1,076.

According to Thomson Reuters data, of 404 companies in the S 500 that have reported results through Tuesday morning, 69.6 per cent have topped Wall Street expectations, above the long term average of 63 per cent. However, just 53.3 per cent beat revenue forecasts, below the 61 per cent average since 2002.

Michael Kors Holdings gained 5.8 per cent to $79.13 after the luxury apparel retailer reported a better than expected 40 per cent jump in quarterly revenue.

GT Advanced Technologies jumped more than 20 per cent to $10.10 after it said Apple will open a manufacturing facility in Arizona in partnership with the mineral crystal specialist to make sapphire materials for Apple electronic devices.

CVS Caremark advanced 2 per cent to $63.22 after the drugstore operator and pharmacy benefits manager posted a higher than expected profit and raised its forecast.Articles Connexes: