US stock indexes edge lower in early trading; oil slides

U.S. stock indexes edged lower in early trading Thursday as investors pored over the latest crop of company earnings news. Telecom services and consumer staples companies were down the most. Oil prices were also headed lower. The stock market is coming off a three-day winning streak.

KEEPING SCORE: The Dow Jones industrial average fell 39 points, or 0.2 percent, to 18,056 as of 10:06 a.m. Eastern time. The Standard & Poor’s 500 index slid five points, or 0.3 percent, to 2,096. The Nasdaq composite index lost 11 points, or 0.2 percent, to 4,936.

BROKEN TOYS: Mattel sank 7.8 percent after the toy maker reported a larger-than-anticipated quarterly loss and disappointing sales of Barbie dolls. The stock fell $2.58 to $30.46.

LOYALTY WANES: Alliance Data Systems, which manages loyalty and rewards programs for retailers and other companies, slid 7.7 percent after the company issued a disappointing outlook for the current quarter. The stock lost $16.67 at $201.25.

BETS ARE OFF: Casino operator Las Vegas Sands slumped 10.8 percent after the company’s latest quarterly results fell short of Wall Street’s expectations. The stock shed $5.65 to $46.53.

BUFF RESULTS: Under Armour surged 7 percent after the athletic apparel company reported strong quarterly sales. It also increased its outlook for the year. The stock climbed $3.07 to $47.02.

NICE DRIVE: General Motors rose 2.3 percent after the automaker said its profit more than doubled, thanks partly to strong demand in North America. The stock gained 74 cents to $32.93.

STRONG QUARTER: Citrix Systems vaulted 8 percent a day after the company reported earnings that topped Wall Street expectations. The stock added $6.48 to $87.

OVERSEAS MARKETS: German’s DAX was up 0.2 percent, while France’s CAC 40 was down 0.1 percent. Britain’s FTSE 100 was down 0.2 percent. Earlier in Asia, Japan’s benchmark Nikkei 225 ended 2.7 percent higher. Hong Kong’s Hang Seng climbed 1.8 percent. Australia’s S&P/ASX 200 rose 1.1 percent. South Korea’s KOSPI added 0.8 percent.

ENERGY: Benchmark U.S. crude oil was down 99 cents, or 2.2 percent, at $43.19 a barrel in New York after. Brent crude, the international standard, was down 91 cents, or 2 percent, at $44.89 a barrel in London.

BONDS AND CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.87 percent from 1.84 percent late Wednesday. In currency markets, the dollar slipped to 109.42 yen from 109.80 yen on Wednesday. The euro fell to $1.1298 from $1.1302.

comments powered by Disqus