Cisco leads the Dow higher after earnings beat

AP News
Posted: May 16, 2013 11:52 AM
Cisco leads the Dow higher after earnings beat

NEW YORK (AP) — Indexes are slightly higher at midday on Wall Street, pushing the stock market further into record territory.

Cisco Systems soared 13 percent, the most in the Dow Jones industrial average, after the network equipment maker reported results that beat the estimates of financial analysts who follow the company.

Wal-Mart fell after the giant retailer blamed higher payroll taxes, bad weather and delayed tax refunds for a sales slump that disappointed investors.

The Dow was up 15 points at 15,290 at midday Thursday, an increase of 0.1 percent.

The Standard & Poor's 500 was up a point at 1,659, or 0.1 percent.

The Nasdaq composite, which is heavily weighted with technology stocks, edged up 11 points to 3,480, or 0.3 percent.

Indexes wavered in morning trading, then moved higher at midday.