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Wall Street dips as forecasts disappoint

Video Credit: Reuters Studio - Duration: 00:57s - Published < > Embed
Wall Street dips as forecasts disappoint

Wall Street dips as forecasts disappoint

U.S. stocks edged lower on Wednesday as videogame makers gave disappointing revenue forecasts and investors awaited developments on U.S.-China trade relations.

Fred Katayama reports.


Wall Street dips as forecasts disappoint

Wall Street dipped Wednesday the day after the president's State of the Union address.

The S&P 500 snapped its five-day winning streak.

Downbeat revenue forecasts from videogame makers weighed on the indexes.

CFRA chief investment strategist, Sam Stovall: SOUNDBITE: CFRA CHIEF INVESTMENT STRATEGIST, SAM STOVALL (ENGLISH) SAYING: "February on average is the second worst month of the year, declining more frequently than a majority of other months.

So the market trying to catch its breath after a very strong run in January would not be a big surprise." Videogame stocks got zapped.

Electronic Arts cut its yearly revenue outlook.

Take-Two Interactive Software's revenue forecast disappointed investors.

Activision Blizzard's shares fell in sympathy.

Shares of the retailer formerly known as Michael Kors, Capri Holdings, soared.

The handbag and accessories maker raised its full-year revenue forecast.

In Europe, declines in consumer and telecom stocks dragged the major markets jst below the breakeven line.

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