U.S. stocks got pummeled Thursday on on worries that the European debt crisis and euro’s plunge will send the economy back into recession. The Dow Jones Industrial Average fell 3.60% to 10068, the Standard & Poor’s 500 dropped 3.90% to 1072 and the Nasdaq Composite declined 4.11% to 2204.
Broadline retailer Sears Holdings Corp. (NASDAQ:SHLD, $88.70, -$10.86, -10.91%) on Thursday reported that its first-quarter net income fell 38 percent on thinner profit margins at its Sears chain. Sears Holdings reported first-quarter income fell to $16 million, or 14 cents per share, down from $26 million, or 21 cents per share and revenue fell 0.1 percent to $10.05 billion from $10.06 billion in the same quarter a year earlier.
Applied Materials Inc. (NASDAQ:AMAT, 12.69 -0.33 (-2.53%), the world’s largest producer of chipmaking equipment, on Wednesday reported swung to second quarter profit by strong performance of its silicon and flat panel display businesses. Applied Materials reported second-quarter net income of $264 million, or 20 cents per share, compared with a loss of $255 million, or 19 cents per share and revenue more than doubled to $2.3 billion from $1.02 billion in the same quarter a year earlier.
GT Solar International, Inc. (NASDAQ:SOLR, $5.43, +$0.12, 2.26%), a provider of equipment, technology and services to the solar power industry, on Wednesday reported fourth-quarter profit as margins almost doubled and sales increased. GT Solar International reported fourth-quarter net income of $33.3 million, or 23 cents per share, compared to $11.8 million, or 8 cents per share and revenue rose 41 percent at $194.7 million from $138.5 million in the same quarter a year earlier.
Computer Sciences Corp. (NYSE:CSC, $47.88, -$1.23, -2.50%), the information-technology services company, on Thursday reported its fourth-quarter earnings fell 43 percent by prior-year tax benefit. CSC reported fourth-quarter profit of $259 million, or $1.66 per share, compared with $382 million, or $2.51 per share and revenue rose 3.2 percent to $4.24 billion from $4.11 billion in the same quarter a year earlier.
Office-supplies retailer Staples Inc. (NASDAQ:SPLS, $21.38, -$0.16, -0.74%) on Thursday reported that its first-quarter net income climbed 30 percent by improved sales across all three business segments. Staples reported first-quarter profit of $188.8 million, or 26 cents per share, compared with $143 million, or 20 cents per share and revenue rose 4 percent to $6.1 billion from $5.82 billion in the same quarter a year earlier.
Discount retailer Dollar Tree Inc. (NASDAQ:DLTR, $61.68, +$2.01, 3.37%) on Thursday reported its first quarter earnings rose 5.3 percent by growth in sales that reflected increases in traffic and average ticket. Dollar Tree reported first-quarter net income of $63.6 million, or 73 cents per share, compared with $60.4 million, or 66 cents per share and revenue rose 12.5 percent to $1.35 billion from $1.20 billion in the same quarter a year earlier.