Stocks were slightly lower Thursday in mid-day trading after a volatile morning as investors worried over a lower outlook at networking equipment maker Cisco systems and a new report showed a further drop in home sales.
Cisco Systems said late Wednesday that dropped its expectations of sales growth in the current quarter to a 10 percent increase from a previous analyst consensus estimate of 15 percent growth.
Shares of Cisco fell to its lowest level in five months before rising slightly. Shares were down $0.39, or 1.69 percent, to $22.69 at 12:03 p.m on the Nasdaq Stock Market.
Meanwhile, the National Association of retailers reported that existing home sales fell 1.5 percent in December. A separate report from the Labor Department today said the number of people filing for unemployment insurance for the first time was higher than expected.
The Dow Industrial Average was down 16.66 points, or 0.14 percent to 12,183.44. The Nasdaq Stock market dipped 1.99 points, or 0.09 percent, to 2,276.76 on the Nasdaq Stock Market. Meanwhile, the broader S&P 500 rose 1.55 points, or 0.12 percent to 1,328.00