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Retail Stocks Drop; Estee Lauder To Beat Forecast

 
By Andria Cheng
MarketWatch Pulse
     

    NEW YORK - Retail stocks headed lower Friday after Dow members International Business Machines, Bank of America and General Electric posted somewhat disappointing results. The S&P Retail Index fell 0.7% to 393.27. Book retailers Barnes & Noble Inc. and Borders Group Inc. both declined after the Wall Street Journal reported that Wal-Mart Stores Inc.'s move to sell 10 hotly anticipated new books for just $10 apiece through is Web site has ignited a price war between it and Amazon.com Inc. Estee Lauder Cos. shares jumped 8.3% after the beauty company said its first-quarter profit would be "significantly higher" than it previously forecast as a result of better-than-expected sales.

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