U.S. stocks lost steam and meandered in a lackluste session on Wednesday.
The Dow and S&P taking a break from the record setting pace of the last 5 sessions. The Nasdaq higher- boosted by Apple shares which finished at a record high. Crude oil continued to tumble- on concerns about a supply glut. After the closing bell- Network equipment maker Cisco reported better-than-expected first quarter revenue, helped by higher orders for its new routers and switches, but forecast lower than expected revenues for the current quarter. JC Penney lost less money than forecasts, thanks in part to improving profit margins. But revenues still missed forecasts. Also on the retail front- Macy's. profits beat estimates and the company forecast higher same store sales growth in the holiday quarter- thanks to its focus on online services. But sales were lackluster, and revenues missed expectations. S&P Capital IQ's Efraim Levy has a hold on the stock- but raised his price target: SOUNDBITE: EFRAIM LEVY, RETAIL ANALYST, MACY'S (ENGLISH) SAYING: "I think it was generally supportive- the stock price is up. I don't think it was a great quarter. Part of it was because they benefitted from timing. on the other hand the sales were softer than expected and they lowered their guidance but over time we transitoin and we look towards next years earnings at this point of the year and with that we raised our target price by a few dollars." Yahoo shares higher. Reuters Exclusively reported that some shareholders- not happy with CEO Marissa Mayer- have reached out to the CEO of AOL- Tim Armstrong- suggested a merger- in which he would control the combined company. Separately, Yahoo announced it's buying video ad service BrightRoll for $640 million. Seaworld Entertainment stock drowning- the biggest percentage decliner on the NYSE. Quarter earnings missed forecasts. In Europe, shares fell after two days of gains- on disappointing earnings and weakness in financials.