U.S. stocks drop sharply on weak retail data, earnings outlooks

Date: Wed, 13 Aug 2008 12:02:55 -0400

U.S. stocks drop sharply on weak retail data, earnings outlooks

U.S. stocks fall sharply, weighed down by weak retail sales, ongoing
worries about the financial sector and cautious earnings outlooks from
Deere & Co., Liz Claiborne and Macy's.

Economic Report: Retail sales hit by plunging auto sales

U.S. retail sales dropped 0.1% in July, as falling auto sales offset in
increase in gasoline sales sparked by higher prices, the Commerce
Department estimates.

Macy's cuts full-year outlook as quarter beats expectations

Department-store operator Macy's Inc. says second-quarter profit
declines 1.4%, hurt by restructuring costs and consumers cutting back on
discretionary purchases.

FundWatch: Fund manager survey shows global recession fears on rise

More fund managers now believe that the global economy will enter into
recession, according to Merrill Lynch's fund manager survey for August.