Market Focus

Qualcomm

Qualcomm’s results beat estimates, but its outlook disappointed. The chip maker lowered its guidance over the next two quarters as one of its new chips was dropped by a large customer. The company also blamed concerns over its business in China.
Shares initially dropped after the bell. Before the close, the stock was off one percent to $70.99.

Tupperware

Tupperware posted earnings and revenue that easily topped estimates, but the company offered investors a downbeat outlook that fell below expectations. Still, shares popped more than 11.5 percent to $66.67.

Alibaba

Shares of Alibaba took a tumble after reports of counterfeit sales surfaced today.
Chinese regulators accused the e-commerce giant of permitting sales of fake goods, hurting consumers. Regulators withheld the report until today to avoid disrupting the company’s United States stock market debut. Alibaba’s initial public offering last year was the world’s largest. Today, the stock was off four percent to $98.45.

Sears

Sears said it has cut 115 corporate jobs, mainly at its headquarters near Chicago as it tries to cut expenses. This is part of a string of efforts the retailer has made to return to profitability as it works to reverse falling sales and dismal earnings. Shares fell 4.5 percent to $32.66.

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