US stocks decline in early trading; oil heads lower

Associated Press |

U.S. stocks were down in early trading Tuesday, giving up small gains from a day earlier as investors weighed quarterly earnings from several retailers and other companies. Technology stocks, banks and retailers were the biggest laggards. Energy companies fell along with the price of crude oil. Utilities companies were up slightly.

KEEPING SCORE: The Standard & Poor's 500 index fell 15 points, or 0.6 percent, to 2,569 as of . The Dow Jones industrial average lost 142 points, or 0.6 percent, to 23,296. The Nasdaq composite slid 40 points, or 0.6 percent, to 6,716. The Russell 2000 index of smaller-company stocks gave up 3 points, or 0.2 percent, to 1,471.

NOT A GOOD LOOK: TJX Cos., the parent company of T.J. Maxx and Marshalls, fell 3.2 percent after reporting revenue and earnings that missed analysts' estimates. Its shares lost $2.29 to $68.47.

FOUL OUTLOOK: Dick's Sporting Goods slid 5.2 percent after the retailer reported a solid quarter but also said its earnings per share could drop as much as 20 percent next year. The stock gave up $1.38 to $24.94.

TECH SLIDE: Video game publishers were trading lower amid a broad slide in technology stocks. Activision Blizzard lost 41 cents, or 0.6 percent, to $63.21, while Electronic Arts shed 26 cents, or 0.2 percent, to $111.75.

TAKING FLIGHT: Buffalo Wild Wings soared 24.4 percent on a report that Roark Capital has offered to buy the restaurant chain for $150 a share, or $2.3 billion. Buffalo Wild Wings shares added $28.65 to $145.90.



REVVED UP: Advance Auto Parts vaulted 23.5 percent after the company's latest quarterly earnings exceeded Wall Street's expectations. The stock gained $19.34 to $101.62.

BONDS: Bond prices rose. The yield on the 10-year Treasury note slipped to 2.38 percent from 2.41 percent late Monday.

OIL: Benchmark U.S. crude was down 67 cents, or 1.2 percent, to $56.09 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, was off 73 cents, or 1.2 percent, at $62.43 a barrel in London.

The slide in oil prices weighed on energy company shares. Baker Hughes fell 99 cents, or 3.1 percent, to $30.89. General Electric, which owns a majority stake in the oil and gas giant, said Monday it might distance itself from Baker Hughes as it seeks to lessen its exposure to volatile energy prices.

CURRENCIES: The dollar fell to 113.48 yen from 113.57 yen on Monday. The euro strengthened to $1.1753 from $1.1667.

MARKETS OVERSEAS: Germany's DAX fell 0.3 percent, while France's CAC 40 shed 0.6 percent. Britain's FTSE 100 was little changed. Earlier in Asia, Japan's Nikkei 225 stock index finished flat. Hong Kong's Hang Seng index slipped 0.1 percent. Australia's S&P/ASX 200 fell 0.9 percent. South Korea's Kospi edged down 0.2 percent. Shares in Taiwan and Southeast Asia were mostly higher.

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