U.S. shares dipped, tracking a global selloff in equities, as Russia’s military presence in Ukraine prompted investors to seek havens. The S&P 500 (INDEXSP:.INX) lost 0.9 percent at 10:38 a.m. in New York. The 30-member Dow Jones Industrial Average (INDEXDJX:.DJI) and the tech-heavy Nasdaq Composite (INDEXDJX:.DJI) each retreated 1 percent. Most followed shares included Men's Wearhouse, Jos. A. Bank Clothiers, General Motors, Ford Motor, Darden Restaurants, Berkshire Hathaway, Tyco International, Caesars Entertainment and Sodastream International.
In consumer-discretionary shares, Men's Wearhouse Inc. (NYSE:MW) fell 1 percent to $53.25, while Jos. A. Bank Clothiers Inc. (NASDAQ:JOSB) inched up 0.3 percent to $62.26. The two clothing retailers have entered into a non-disclosure agreement, under which they will exchange certain confidential information. Last week, Jos. A. Bank turned down a $63.50 a share acquisition offer, but said it would be willing to engage in talks about a higher bid.
General Motors Co. (NYSE:GM), the largest U.S. automaker, decreased 0.6 percent to $35.99 after saying U.S. sales slipped 1 percent to 222,104.
Ford Motor Co. (NYSE:F), the second largest carmaker in the U.S., slid 1.8 percent to $15.12 after reporting U.S. light-vehicle deliveries fell 6.1 percent to 183,349, below the average of nine analyst estimates for a 5.3 percent decline in a survey conducted by Bloomberg.
Caesars Entertainment Corp. (NASDAQ:CZR), the casino operator, dropped 0.9 percent to $25.65 after saying it has sold Bally's Las Vegas and other properties in that city to Caesars Growth Partners for $2.2 billion.
Darden Restaurants Inc. (NYSE:DRI), a restaurant chain, dropped 3.3 percent to $49.36. The company outlined downbeat guidance for its fiscal third quarter, pointing to the impact of severe winter weather on sales and costs.
In consumer-staples stocks, Sodastream International Ltd. (NASDAQ:SODA), the Israeli maker of home soda machines with a factory in the West Bank, surrendered 2.8 percent to $38.36. Barclays lowered the stock to "equalweight" from "overweight". That comes after SodaStream's earnings report last week, in which it forecast 2014 revenue growth below analyst estimates.
In financials, Berkshire Hathaway Inc. (NYSE:BRK.A), Warren Buffett's company, inched up less than 0.1 percent to $173,789 after reporting record profit in its latest annual letter to shareholders.
CNO Financial Group Inc. (NYSE:CNO) rose 1.6 percent to $18.55 after agreeing to sell its Conseco Life Insurance Co. unit to Wilton Reassurance Co. (CVE:WIL) for about $237 million, as the company said it wanted to divest itself of some low returning and volatile assets.
In other stocks, Tyco International Ltd. (NYSE:TYC), the world’s largest maker of security systems through its ADT unit, roe 1.2 percent to $42.70. Tyco is selling its South Korean security business to the Carlyle Group for $1.93 billion in cash.
Apple Inc. (NASDAQ:AAPL), the world's largest technology company, edged up 0.1 percent. Apple has rolled out its "CarPlay" technology today, with Mercedes, Volvo, and Ferrari the first automakers to include it. "CarPlay" allows iPhone users to receive messages, use maps, and make calls more easily.
Magellan Health Services Inc. (NASDAQ:MGLN), a health-care management company, declined 4 percent to $58.68 after saying its fourth-quarter earnings fell 50 percent as the company’s cost of care increased. The bottom line lagged behind expectations, while the top line beat.
Reported by Proactive Investors 2 hours ago.
In consumer-discretionary shares, Men's Wearhouse Inc. (NYSE:MW) fell 1 percent to $53.25, while Jos. A. Bank Clothiers Inc. (NASDAQ:JOSB) inched up 0.3 percent to $62.26. The two clothing retailers have entered into a non-disclosure agreement, under which they will exchange certain confidential information. Last week, Jos. A. Bank turned down a $63.50 a share acquisition offer, but said it would be willing to engage in talks about a higher bid.
General Motors Co. (NYSE:GM), the largest U.S. automaker, decreased 0.6 percent to $35.99 after saying U.S. sales slipped 1 percent to 222,104.
Ford Motor Co. (NYSE:F), the second largest carmaker in the U.S., slid 1.8 percent to $15.12 after reporting U.S. light-vehicle deliveries fell 6.1 percent to 183,349, below the average of nine analyst estimates for a 5.3 percent decline in a survey conducted by Bloomberg.
Caesars Entertainment Corp. (NASDAQ:CZR), the casino operator, dropped 0.9 percent to $25.65 after saying it has sold Bally's Las Vegas and other properties in that city to Caesars Growth Partners for $2.2 billion.
Darden Restaurants Inc. (NYSE:DRI), a restaurant chain, dropped 3.3 percent to $49.36. The company outlined downbeat guidance for its fiscal third quarter, pointing to the impact of severe winter weather on sales and costs.
In consumer-staples stocks, Sodastream International Ltd. (NASDAQ:SODA), the Israeli maker of home soda machines with a factory in the West Bank, surrendered 2.8 percent to $38.36. Barclays lowered the stock to "equalweight" from "overweight". That comes after SodaStream's earnings report last week, in which it forecast 2014 revenue growth below analyst estimates.
In financials, Berkshire Hathaway Inc. (NYSE:BRK.A), Warren Buffett's company, inched up less than 0.1 percent to $173,789 after reporting record profit in its latest annual letter to shareholders.
CNO Financial Group Inc. (NYSE:CNO) rose 1.6 percent to $18.55 after agreeing to sell its Conseco Life Insurance Co. unit to Wilton Reassurance Co. (CVE:WIL) for about $237 million, as the company said it wanted to divest itself of some low returning and volatile assets.
In other stocks, Tyco International Ltd. (NYSE:TYC), the world’s largest maker of security systems through its ADT unit, roe 1.2 percent to $42.70. Tyco is selling its South Korean security business to the Carlyle Group for $1.93 billion in cash.
Apple Inc. (NASDAQ:AAPL), the world's largest technology company, edged up 0.1 percent. Apple has rolled out its "CarPlay" technology today, with Mercedes, Volvo, and Ferrari the first automakers to include it. "CarPlay" allows iPhone users to receive messages, use maps, and make calls more easily.
Magellan Health Services Inc. (NASDAQ:MGLN), a health-care management company, declined 4 percent to $58.68 after saying its fourth-quarter earnings fell 50 percent as the company’s cost of care increased. The bottom line lagged behind expectations, while the top line beat.
Reported by Proactive Investors 2 hours ago.