U.S. shares declined as investors considered valuations and bet the Federal Reserve may raise interest rates sooner than expected. The S&P 500 (INDEXSP:.INX) slid 0.4 percent at 11:17 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) lost 0.4 percent, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) surrendered 0.6 percent. Most followed shares included GT Advanced Technologies, IBM, King Digital, Expedia, American Apparel, PetSmart, Baytex Energy, Archer Daniels Midland, and AbbVie.
In technology shares, GT Advanced Technologies Inc. (NASDAQ:GTAT), a New Hampshire-based supplier of manufacturing gear, tumbled 11 percent to $17.42 after Canaccord Genuity Group Inc. downgraded the stock to "hold" from "buy". Canaccord said the company is unlikely to get a boost in earnings in 2016 unless Apple Inc. uses its sapphire in all models of the iPhone.
IBM Corp. (NYSE:IBM) skidded 0.4 percent to $187.81. Big Blue's deal to sell its low-end server business to Lenovo Group for $2.3 billion has received the approval of the Chinese government, and is expected to be completed by the end of the year. U.S. regulatory approval is still required to complete the transaction.
In communications stocks, King Digital Entertainment Plc (NYSE:KING), the creator of the Candy Crush Saga video game, advanced 4 percent to $22.74 as Piper Jaffray Cos. advised investors to buy shares in the Dublin-based company.
Expedia Inc. (NASDAQ:EXPE), the biggest online travel agent, fell 1.8 percent to $80.71. The company announced a deal to buy Australian online travel company Wotif.com for $660 million.
In consumer-discretionary shares, American Apparel Inc. (NYSEMKT:APP), a clothing manufacturer and retailer, climbed 2.6 percent to 89.3 cents. Standard General LP, the company’s largest investor, is considering paying off a $10 million loan to help the company avoid deeper legal disputes, according to Bloomberg.
PetSmart Inc. (NASDAQ:PETM), a pet-care company, gained 1.1 percent to $68 after saying it is reviewing potential changes in its capital structure, days after activist hedge fund Jana Partners LLC said it planned to ask the pet products retailer to explore a sale. The company said today that it was evaluating changes, with a focus on returning capital to shareholders.
In other stocks, Baytex Energy Corp. (NYSE:BTE), a Canadian heavy-crude producer, declined 1.3 percent to $45.41 after updating spending and production guidance for the second half of this year that includes the acquisition of Aurora Oil & Gas Ltd, which was completed on June 11.
Archer Daniels Midland Co. (NYSE:ADM), the world’s top corn crusher, rose 0.8 percent to $46.10 after saying it will acquire Wild Flavors GmbH, a Switzerland-based maker of natural food ingredients, for about $3 billion cash.
AbbVie (NYSE:ABBV) slipped 0.8 percent to $57.78. AbbVie is expected to announce a higher bid for drug maker Shire in the next few days, according to London's Sunday Times.
Reported by Proactive Investors 10 hours ago.
In technology shares, GT Advanced Technologies Inc. (NASDAQ:GTAT), a New Hampshire-based supplier of manufacturing gear, tumbled 11 percent to $17.42 after Canaccord Genuity Group Inc. downgraded the stock to "hold" from "buy". Canaccord said the company is unlikely to get a boost in earnings in 2016 unless Apple Inc. uses its sapphire in all models of the iPhone.
IBM Corp. (NYSE:IBM) skidded 0.4 percent to $187.81. Big Blue's deal to sell its low-end server business to Lenovo Group for $2.3 billion has received the approval of the Chinese government, and is expected to be completed by the end of the year. U.S. regulatory approval is still required to complete the transaction.
In communications stocks, King Digital Entertainment Plc (NYSE:KING), the creator of the Candy Crush Saga video game, advanced 4 percent to $22.74 as Piper Jaffray Cos. advised investors to buy shares in the Dublin-based company.
Expedia Inc. (NASDAQ:EXPE), the biggest online travel agent, fell 1.8 percent to $80.71. The company announced a deal to buy Australian online travel company Wotif.com for $660 million.
In consumer-discretionary shares, American Apparel Inc. (NYSEMKT:APP), a clothing manufacturer and retailer, climbed 2.6 percent to 89.3 cents. Standard General LP, the company’s largest investor, is considering paying off a $10 million loan to help the company avoid deeper legal disputes, according to Bloomberg.
PetSmart Inc. (NASDAQ:PETM), a pet-care company, gained 1.1 percent to $68 after saying it is reviewing potential changes in its capital structure, days after activist hedge fund Jana Partners LLC said it planned to ask the pet products retailer to explore a sale. The company said today that it was evaluating changes, with a focus on returning capital to shareholders.
In other stocks, Baytex Energy Corp. (NYSE:BTE), a Canadian heavy-crude producer, declined 1.3 percent to $45.41 after updating spending and production guidance for the second half of this year that includes the acquisition of Aurora Oil & Gas Ltd, which was completed on June 11.
Archer Daniels Midland Co. (NYSE:ADM), the world’s top corn crusher, rose 0.8 percent to $46.10 after saying it will acquire Wild Flavors GmbH, a Switzerland-based maker of natural food ingredients, for about $3 billion cash.
AbbVie (NYSE:ABBV) slipped 0.8 percent to $57.78. AbbVie is expected to announce a higher bid for drug maker Shire in the next few days, according to London's Sunday Times.
Reported by Proactive Investors 10 hours ago.