clear
Sunday December 17th, 2017 3:16AM

Losses for technology and banks take US stocks lower

By The Associated Press

NEW YORK (AP) — U.S. stocks are slipping Thursday as banks and technology companies fall, while a solid quarter from cereal maker Kellogg helped makers of food and household goods move higher. Health care stocks are a mixed bag as insurers continue to rise while other companies including generic drug maker Teva and prescription drug distributor AmerisourceBergen take steep losses.

KEEPING SCORE: The Standard & Poor's 500 index dropped 5 points, or 0.2 percent, to 2,472 as of 11:55 a.m. Eastern time. The Dow Jones industrial average added 4 points, or less than 0.1 percent, to 22,020. The 30-company index has risen for seven consecutive days, setting records over that time and closing above 22,000 for the first time on Wednesday. The Nasdaq composite lost 16 points, or 0.3 percent, to 6,346. The Russell 2000 sank 2 points, or 0.2 percent, to 1,410 after a sharp loss a day ago.

TECH TAKES A TURN: Security software maker Symantec announced disappointing first-quarter sales and its forecasts for the rest of the year weren't as good as analysts had hoped. Symantec also said it will sell its website security business to DigiCert for $950 million in cash and a 30 percent stake in DigiCert. Symantec slid 40 cents, or 1.3 percent, to $30.51.

3D printer maker 3D Systems plunged $3.12, or 18.3 percent, to $13.89 after it fell short of Wall Street estimates in the second quarter and cut its projections for the full year. Elsewhere, Automatic Data Processing gave up $3.34, or 2.9 percent, to $111.91.

THEY'RE GREAT: Kellogg, the maker of Frosted Flakes, Pop Tarts and Eggo waffles, reported another quarterly decline in sales as revenue from breakfast items slipped and snack food sales were flat. But the results weren't as bad as experts had expected. Its stock jumped $3.32, or 4.9 percent, to $70.76.

Consumer products maker Clorox also rose after it disclosed a larger-than-expected profit. It rose gained $4.16, or 3.2 percent, to $136.13.

GENERIC DRUG WOES: AmerisourceBergen slumped $9.95, or 10.9 percent, to $81.32 after it said it expects slower revenue growth this year. Prescription drug distributors have struggled lately as the prices of generic drugs fall, and rival Cardinal Health lost 8.2 percent Wednesday after its quarterly report.

Teva Pharmaceutical Industries, the largest manufacturer of generic drugs, also tumbled. The company slashed its outlook as falling prices and growing competition hurt its results in the U.S. The stock dropped $6.57, or 21 percent, to $24.68.

ANOTHER INSURANCE WIN: Aetna raised its 2017 estimates again, and shares of the third-largest U.S. health insurer climbed $3.05, or 2 percent, to $157.79. Aetna gained some Medicare customers and its employers-sponsored health coverage business improved. A pullback from the Affordable Care Act's health insurance exchanges. Rival Humana climbed 4.5 percent Wednesday after a strong quarter.

ELECTRIFYING: Electric car maker Tesla said it's confident it can meet its production goals for its new Model 3 sedan, which will cost less than its previous cars. The company also took a smaller net loss than investors expected. Its shares gained $21.05, or 6.5 percent, to $346.94.

AVON CALLING... FOR HELP: Avon Products took a loss in its latest quarter and said sales weren't as good as expected. The cosmetics retailer has been struggling for years to revive its business, and it said Thursday that CEO Cheri McCoy will leave the company. Activist investors have put pressure on Avon to find new leadership. The stock lost 31 cents, or 9.2 percent, to $3.05.

BRITISH CAUTION: The British FTSE 100 gained 0.9 percent as investors felt the Bank of England isn't likely to raise interest rates any time soon. The British central bank left its key rate at a record low and cut its growth forecasts for the country. That also sent the pound lower.

ENERGY: Benchmark U.S. crude rose 22 cents to $49.81 a barrel in New York. Brent crude, the international standard, added 47 cents to $52.82 a barrel in London.

BOND: Bond prices moved higher. The yield on the 10-year Treasury note fell to 2.24 percent from 2.27 percent.

CURRENCIES: The dollar fell to 110.09 yen from 110.61 yen. The euro rose to $1.1882 from $1.1860.

STOCKS OVERSEAS: In France, the CAC 40 rose 0.6 percent and the DAX in Germany lost 0.1 percent. Japan's benchmark Nikkei 225 lost 0.3 percent and the Kospi of South Korea dropped 1.7 percent. Hong Kong's Hang Seng sank 0.3 percent.

___

AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services, AP Business - Health Care
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Trump announces new ways to help veterans get medical care
Trump says new ways to use technology to get medical care to veterans will expand access, especially for mental health care and suicide prevention.
12:25PM ( 17 minutes ago )
Gloria Estefan, LL Cool J among Kennedy Center honorees
This year's Kennedy Center honorees will include two singers, a television writer, a dancer - and for the first time, a hip-hop artist: LL Cool J
12:24PM ( 17 minutes ago )
Instructor, trainee quizzed after Portugal beach plane crash
The flight instructor and trainee on board a small plane that killed two sunbathers when it crash-landed on a Portuguese beach are being questioned by a magistrate
12:03PM ( 38 minutes ago )
Associated Press (AP)
Average US mortgage rates steady; 30-year at 3.93 percent
Average US mortgage rates little changed; 30-year at 3.93 percent
11:50AM ( 52 minutes ago )
Yum sees sales rise at Taco Bell, fall at Pizza Hut
Yum Brands sees sales fall at established Pizza Huts, but rise at Taco Bell and KFC
11:46AM ( 56 minutes ago )
NTSB investigates blast that killed 2 at Minneapolis school
An explosion at a school in Minneapolis killed two people, injured several others and reduced part of a building to rubble, fire officials said
11:22AM ( 1 hour ago )
AP Business
Jury deliberates for 4th day at Martin Shkreli's fraud trial
Jurors are on their fourth day of deliberations at the securities fraud trial of former pharmaceutical company CEO Martin Shkreli
9:48AM ( 2 hours ago )
Avon CEO McCoy will leave the company
Avon CEO Sheri McCoy will leave the struggling beauty products early next year
9:33AM ( 3 hours ago )
Aetna hikes 2017 outlook after scaling back ACA coverage
Aetna's second-quarter profit jumped 52 percent to top Wall Street estimates and the health insurer raised its 2017 forecast again, this time well beyond analyst expectations
8:30AM ( 4 hours ago )
AP Business - Corporate News
US factory orders rose in June as demand for aircraft soared
Orders at US factories climbed 3 percent in June; gains mostly came from 131 percent jump in aircraft
10:32AM ( 2 hours ago )
Bank of England cuts growth forecasts, keeps rates low
The Bank of England has decided to keep interest rates at a record low 0.25 percent after slowing inflation damped the clamor for an increase
10:25AM ( 2 hours ago )
Brazil's president dodges bribery charge, but risks remain
Brazilian President Michel Temer has eked out a victory in a congressional vote over a bribery charge against him that has fueled angst and anger across Latin America's largest nation, but there won't be time to celebrate
8:57AM ( 3 hours ago )
AP Business - Economy
Asia shares fall as Apple's glossy earnings effect fades
Asian shares decline as Apple's glossy earnings effect wears off
2:59AM ( 9 hours ago )
Apple drives Dow above 22,000 even as other stocks struggle
The Dow Jones industrial average closes above 22,000 points for the first time, driven by a big gain in Apple
5:29PM ( 19 hours ago )
Apple takes Dow over 22,000 points; other stocks fall
The Dow Jones industrial average closes above 22,000 points for the first time, driven by a big gain in Apple
5:08PM ( 19 hours ago )
AP Business - Financial Markets
Blast at Minnesota school kills 2, injures others
An explosion at a school in Minneapolis killed two people, injured several others and reduced part of a building to rubble, fire officials said
10:19AM ( 2 hours ago )
The Latest: School says janitor is 2nd explosion victim
A Minneapolis school says one of its custodians was the second person killed in an explosion and partial building collapse
10:16AM ( 2 hours ago )
Iraqi weather service warns of brutal heat wave next week
Iraq's weather service warns temperatures to increase next week; highs expected at 51 Celsius, or about 124 Fahrenheit
9:52AM ( 2 hours ago )
AP Business - Industries
Bipartisan drive to pay health insurers faces Senate hurdles
A bipartisan Senate effort to continue federal payments to insurers and avert a costly rattling of insurance markets faces a dicey future
5:11PM ( 19 hours ago )
Wells Fargo faces lawsuits, angry lawmakers over car lending
Wells Fargo is now facing at least three lawsuits from customers impacted by the bank's latest scandal over how it operated its auto lending business
4:43PM ( 19 hours ago )
Court complicates Trump's threat to cut 'Obamacare' funds
President Trump's bold threat to push 'Obamacare' into collapse may get harder to carry out after a new court ruling
4:07PM ( 20 hours ago )
AP Business - Financial Services
Deliberations in Martin Shkreli trial to enter 3rd day
Jurors have deliberated for a second day at the federal securities fraud trial of former pharmaceutical company CEO Martin Shkreli
5:50PM ( 1 day ago )
Afghan official says blast at Shiite mosque kills 29
An Afghan hospital official says the death toll in the suicide attack inside a minority Shiite mosque in western Herat, on the border with Iran, has risen to 29 people
3:16PM ( 1 day ago )
Afghan official blast at Shiite mosque kills 29
An Afghan hospital official says the death toll in the suicide attack inside a minority Shiite mosque in western Herat, on the border with Iran, has risen to 29 people
3:09PM ( 1 day ago )
AP Business - Health Care
Trump announces new ways to help veterans get medical care
Trump says new ways to use technology to get medical care to veterans will expand access, especially for mental health care and suicide prevention.
12:25PM ( 17 minutes ago )
Gloria Estefan, LL Cool J among Kennedy Center honorees
This year's Kennedy Center honorees will include two singers, a television writer, a dancer - and for the first time, a hip-hop artist: LL Cool J
12:24PM ( 18 minutes ago )
Instructor, trainee quizzed after Portugal beach plane crash
The flight instructor and trainee on board a small plane that killed two sunbathers when it crash-landed on a Portuguese beach are being questioned by a magistrate
12:03PM ( 38 minutes ago )
Dolphins QB Ryan Tannehill reinjures left knee in practice
Dolphins' Ryan Tannehill reinjures left knee when it buckles during scramble; no word on severity
11:58AM ( 43 minutes ago )
French president visits children at charity holiday program
French President Emmanuel Macron has played ball and had lunch with children at a charity holiday program west of Paris to call attention to the problem of families who can't afford summer vacation
11:51AM ( 50 minutes ago )