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US stocks flat in early trading

Published: 14:44 28 May 2015 BST

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US stocks opened lower following on from a mixed day in the UK and Europe where Greece default concerns continue to weigh on markets.

The Dow Jones opened slipped 53 points to 18,110 while the tech-heavy Nasdaq eased back 7 points from its record high to 5,100 and the S&P 500 los 2 points to 2,121.

Costco, the second largest retailer in the US, said third quarter profits rose as the company benefits from low gas prices, strong sales and increased membership fees.

Revenues of US$26.1mln were slightly lower than expected however, and shares eased 1.4% to US$143.

In other earnings news Abercrombie & Fitch reported a wider-than-expected loss and a drop in revenue in its first quarter.

The struggling teen retailer did say it expects to see its sales trends improve throughout the year, sending shares jumped 10% to US$21.

Elsewhere, Singapore-based semiconductor maker Avago Technologies announced a deal to buy fellow chipmaker Broadcom in a cash and stock deal valued at US$37 billion. Shares in Avago rose US$1 to US$142 while Broadcom lost 2% to US$55.

Meanwhile, in the UK, the FTSE 100 had a mixed day, dead flat at 7,033 as the bell rang on Wall Street.

Sports Direct led the risers after it said 2014 results will be ahead of market expectations. Shares jumped 4.25% to 686p.


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