Weak open on Wall Street; Wal-Mart disappoints

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Associated Press

Posted on May 16, 2013 at 7:00 AM

Updated Thursday, May 16 at 7:02 AM

NEW YORK (AP) — Stocks are opening slightly lower on Wall Street a day after the market hit its latest record high.

Wal-Mart led the Dow Jones industrial average lower after the giant retailer blamed higher payroll taxes, bad weather and delayed tax refunds for a sales slump that disappointed investors.

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

Shortly after the opening bell Thursday the Dow was down 12 points at 15,263, a loss of 0.1 percent.

The Standard & Poor's 500 index was down a point at 1,657, or 0.1 percent.

The Nasdaq composite, which is heavily weighted with technology stocks, edged up eight points to 3,480, or 0.2 percent.

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