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Wall Street Falters Ahead of Friday Budget Deadline

By  +Follow December 10, 2013 1:27PM
Tickers Mentioned:

Stocks ended lower across the board on Tuesday as the lack of market-moving economic data led to increased focus on the possibility of a decision from the Fed next week regarding the inevitable reduction of Treasury spending. All eyes will also be on Congress who, by this coming Friday will bump up against a deadline for concluding negotiations over the nation’s budget.

The Standard & Poor’s 500 index dropped by 0.32 percent to end the day at 1,802.62 points, while the Dow Jones Industrial Average was lower by 0.33 percent to 15,973.13. The NASDAQ’s losses were more modest at 0.20 percent to 4,060.49 points.

Tech shares put significant pressure on the S&P 500, with a number of large companies edging lower on heavy trading. Cisco Systems (CSCO) , Microsoft (MSFT) , Oracle (ORCL) , and AT&T (T) all ended the day in the red. Social media and internet-related stocks, however, were a different story, with Yahoo! (YHOO) nearly 3 percent higher by the closing bell.

Automobile-parts retailer AutoZone (AZO) rose over 3 percent by the closing bell after releasing its earnings statement for its fiscal first quarter that showed the company handily surpassing analyst estimates.

Most of the Dow’s components ended the day on losses, with the worst performances coming from services and consumer goods stocks. Coca-Cola (KO) , Procter & Gamble (PG) , Home Depot (HD) , and Wal-Mart (WMT) accounted for four of the five biggest losers on the benchmark index.

Internet techs also performed well on the NASDAQ, with Facebook (FB) , Zynga (ZNGA) , Groupon (GRPN) ending higher along with Yahoo. With so much hysteria surrounding social media techs, Equities.com’s own Jacob Harper explores the importance of ad revenue to the future of companies hoping to be successful in the industry.

Outerwall Inc. ($OUTR), the company formerly known as CoinStar, added nearly 3 percent on the day after announcing the specifics of a promised restructuring plan that promises to significantly cut costs via layoffs, scaling back of projects, and making changes to its RedBox DVD rental business.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Wall Street
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Ali Tyree
21 Nov 14 08:04:04
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James P Worthy
21 Nov 14 08:02:55
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Investors Hangout
21 Nov 14 07:39:18
leahanne: $CSCO Cisco Systems (CSCO) 26.99 +0.18 (+0.67%) http://t.co/7t5pHkIoUn
Investors Hangout
21 Nov 14 07:39:17
leahanne: $CSCO Cisco Systems (CSCO) 26.99 +0.18 (+0.67%) http://t.co/RtupKkkRX8
Sleek Money
21 Nov 14 07:38:42
Cisco Systems CMO Katherine Blair Christie Sells 50,000 Shares $CSCO http://t.co/LEy7ZzeD0Z
Sleek Money
21 Nov 14 07:38:41
Insider Selling: Mark D. Chandler Sells 124,806 Shares of Cisco Systems Stock $CSCO http://t.co/f6qya0wFQd
21 Nov 14 07:35:26
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The Legacy News
21 Nov 14 07:32:38
Cisco Systems CFO Unloads $5,214,000 in Stock $CSCO http://t.co/buXt7j5kLr
The Legacy News
21 Nov 14 07:32:37
Insider Selling: Cisco Systems EVP Sells 25,200 Shares of Stock $CSCO http://t.co/293aHH1Ngi
Ticker Report
21 Nov 14 07:31:05
Insider Selling: Cisco Systems EVP Unloads 8,400 Shares of Stock $CSCO http://t.co/tm0N4hQkk9
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21 Nov 14 07:30:05
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21 Nov 14 07:14:59
$CSCO Cisco Systems (CSCO) 26.99 +0.18 (+0.67%) $CVX $TITXF $EFA http://t.co/JM8HwJfXuZ
Stock Wire
21 Nov 14 07:06:46
Most Active Weekly Options: Cisco Systems, Inc. (CSCO) $CSCO http://t.co/IW9NOCwAIg
Daily Contracts
21 Nov 14 07:05:01
Real-Time feed of company contracts, original agreements and executive updates from Cisco Systems $CSCO http://t.co/3pKmloXyAH
Alpha Maven
21 Nov 14 07:01:13
RT @jonfortt: If $CSCO closes up another $.48, it will hit a new 5-year high
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21 Nov 14 07:00:05
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John B. Case
21 Nov 14 06:58:10
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v2 Ratings Bot
21 Nov 14 06:55:13
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Phillip Ressler
21 Nov 14 06:54:52
RT @jonfortt: If $CSCO closes up another $.48, it will hit a new 5-year high
Jeff Battcher
21 Nov 14 06:45:31
RT @jonfortt: If $CSCO closes up another $.48, it will hit a new 5-year high
Asbury Research
21 Nov 14 06:41:56
Cisco Systems $CSCO up 8% since my Nov 12th appearance on CNBC/Yahoo Finance Talking Numbers, and headed higher: http://t.co/F0Zf89y7dc
Squawk on the Street
21 Nov 14 06:37:35
RT @jonfortt: If $CSCO closes up another $.48, it will hit a new 5-year high
Jon Fortt
21 Nov 14 06:34:11
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Renay Allen
21 Nov 14 06:31:50
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CSCO Stock Alerts
21 Nov 14 06:30:03
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Tony Cardenas
21 Nov 14 06:18:26
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21 Nov 14 06:13:47
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CSCO Stock Alerts
21 Nov 14 06:00:02
Update: Cisco Delivers Solid Revenue, Earnings Growth http://t.co/rAQ2KShhZB $CSCO
21 Nov 14 05:58:20
The Ratings Game: Cisco’s mild outlook leaves analysts cautious. $CSCO. http://t.co/786CeKa1WR http://t.co/rnEBcepl5S
21 Nov 14 05:57:28
Cisco CEO John Chambers slams 'net neutrality'. $CSCO. http://t.co/yWmitz4Bcz http://t.co/eivxBuhVcJ
21 Nov 14 05:57:14
Tech Stocks: Cisco leads broader tech gains. $CSCO, $AAPL, $AMZN. http://t.co/JyquyzVAW3 http://t.co/j7FxgngTuV
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Cisco Cautious on Guidance Citing 'Very Unusual Dynamic Right Now'. $CSCO, $UPS, $AAPL. http://t.co/XQXoOzIXFp http://t.co/KQkWII3D3b
21 Nov 14 05:55:41
Audio: Newscast: A weak outlook from Cisco Systems. $CSCO. http://t.co/17Xt12UyVA http://t.co/ayXyZNDWIH
21 Nov 14 05:55:15
Cisco Net Falls as Emerging Markets Weaken. $CSCO, $FB, $NKE. http://t.co/5H4TTlK9bB http://t.co/pHUlNlg7IV
21 Nov 14 05:54:45
UPDATE 2-Weak telecom spending, emerging markets weigh on Cisco forecast. $CSCO. http://t.co/wU65P7MGej
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21 Nov 14 05:54:30
RT @Consestimate: Cisco outlook disappoints, but earnings beat. $CSCO, $IBM, $ORCL. http://t.co/TtOC6feynA http://t.co/iAG3NIzCrA
21 Nov 14 05:54:21
Cisco Beats On Revenue And Profits, CFO Steps Down (CSCO). $CSCO, $RHT. http://t.co/5Nw6FKTrco http://t.co/27TrNVIyS7
21 Nov 14 05:54:18
Cisco Systems's Sales Rise Slightly. $CSCO, $FB, $NKE. http://t.co/7tCarUjFc3 http://t.co/m0kDHI5vrj
21 Nov 14 05:54:15
Cisco revenue beats estimate, shares up. $CSCO. http://t.co/F65QC5kRLj
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Cisco outlook disappoints, but earnings beat. $CSCO, $IBM, $ORCL. http://t.co/TtOC6feynA http://t.co/iAG3NIzCrA
21 Nov 14 05:53:55
Cisco Drops On Weak Revenue Growth as Finance Chief Steps Down. $CSCO. http://t.co/w6uIWXovnt http://t.co/fLkhCLB35H
21 Nov 14 05:52:23
Cisco Must-See Charts Show Trading Opportunities After Earnings. $CSCO. http://t.co/PYi39Tk34e http://t.co/oEkFXk6mJj
21 Nov 14 05:52:21
Cisco's First-Quarter Earnings Preview: What Wall Street's Saying. $CSCO, $WFC, $PCLN. http://t.co/5yO7xf8nbT http://t.co/XQgKfp2tTs
21 Nov 14 05:52:12
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21 Nov 14 05:37:17
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21 Nov 14 05:35:06
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21 Nov 14 05:30:05
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By  +Follow December 10, 2013 1:27PM



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