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GENERAL ELECTRIC COMPANY (GE)
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General Electric : US stocks decline in morning trading; oil heads lower

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11/14/2017 | 04:49pm CEST

U.S. stocks were down in morning trading Tuesday, giving up small gains from a day earlier as investors weighed quarterly earnings from several retailers and other companies. Technology stocks, health care companies 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 9 points, or 0.4 percent, to 2,575 as of 10:41 a.m. Eastern Time. The Dow Jones industrial average lost 104 points, or 0.5 percent, to 23,335. The Nasdaq composite slid 22 points, or 0.3 percent, to 6,734. The Russell 2000 index of smaller-company stocks gave up 6 points, or 0.5 percent, to 1,468.

NOT A GOOD LOOK: TJX Cos., the parent company of T.J. Maxx and Marshalls, fell 3.8 percent after reporting revenue and earnings that missed analysts' estimates. Its shares lost $2.66 to $68.10.

FOUL OUTLOOK: Dick's Sporting Goods slid 4.9 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 $1.30 to $25.02.

TECH SLIDE: A broad slide in technology stocks weighed on the market. Micron Technology shed 55 cents, or 1.2 percent, to $45.06.

GEEZ, GE: General Electric slumped 4.7 percent as analysts downgraded the industrial conglomerate a day after it pulled back on profit expectations and slashed its dividend in half. The stock was down 89 cents to $18.13. It's now down more than 42 percent this year.

TAKING FLIGHT: Buffalo Wild Wings soared 24.6 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 $28.80 to $146.05.

REVVED UP: Advance Auto Parts vaulted 20 percent after the company's latest quarterly earnings exceeded Wall Street's expectations. The stock gained $16.44 to $98.72.

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 62 cents, or 1.1 percent, to $56.14 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, was off $1.24, or 2 percent, at $61.95 a barrel in London.

The slide in oil prices weighed on energy company shares. Baker Hughes fell $1.20, or 3.8 percent, to $30.68. 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 113.32 yen from 113.57 yen on Monday. The euro strengthened to $1.1757 from $1.1667.

MARKETS OVERSEAS: Germany's DAX fell 0.4 percent, while France's CAC 40 shed 0.6 percent. Britain'sFTSE 100 was little changed. Earlier in Asia, Japan'sNikkei 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.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed., source Associated Press News

Stocks mentioned in the article
ChangeLast1st jan.
BUFFALO WILD WINGS 0.00% 156.95 Delayed Quote.0.38%
GENERAL ELECTRIC COMPANY -1.38% 12.15 Delayed Quote.-29.40%
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Financials ($)
Sales 2018 122 B
EBIT 2018 12 412 M
Net income 2018 8 318 M
Debt 2018 55 111 M
Yield 2018 3,95%
P/E ratio 2018 38,72
P/E ratio 2019 15,17
EV / Sales 2018 1,33x
EV / Sales 2019 1,31x
Capitalization 107 B
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Mean consensus HOLD
Number of Analysts 18
Average target price 16,1 $
Spread / Average Target 33%
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Managers
NameTitle
H. Lawrence Culp Chairman & Chief Executive Officer
Daniel C. Janki Treasurer & Senior VP-Global Operations
Jamie S. Miller Chief Financial Officer
Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
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