U.S. shares pulled back today as investors grappled with comments from Federal Reserve officials about the possibility of raising interest rates this year. The S&P 500 (INDEXSP:.INX) skidded 0.3 percent to 2,118 at 11:36 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slipped 0.3 percent to 18,105, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) slipped 0.2 percent to 5,094. Most followed shares included Broadcom, Avago, Yahoo, Western Digital, GoPro, Semtech, Palo Alto, Abercrombie & Fitch, Costco, Express, and GM.
In technology shares, Broadcom (NASDAQ:BRCM) fell 2.2 percent to $55.90 after Avago (NASDAQ:AVGO) said it would buy its fellow chipmaker for $37 billion. Avago fluctuated and was flat 0.1 percent at $141.50jumped 3.9 percent. Both stocks had risen strongly yesterday on reports of an imminent deal.
Yahoo (NASDAQ:YHOO) fell 0.4 percent to $43.26 after a U.S. judge ordered the company to face a nationwide class-action lawsuit accusing it of email spying.
Western Digital (NASDAQ:WDC) rose 5.1 percent to $99.26 after Goldman Sachs raised its rating on the data storage solutions company to "buy".
GoPro (NASDAQ:GPRO) climbed 7.9 percent to $57.47 after chief executive officer Nick Woodman said the camera manufacturer is working on a drone product that is scheduled for release in the first half of 2016. It announced the new products at the Code Conference in California.
Semtech (NASDAQ:SMTC) tumbled 13.4 percent to $21.32 as the supplier of analog and mixed-signal semiconductor products forecast second-quarter earnings and revenue below analyst estimates.
Palo Alto Networks (NYSE:PANW) gained 4.7 percent to $168.15. The cybersecurity firm reported adjusted quarterly profit of 23 cents per share, three cents above estimates. Revenue, however, fell below Street forecasts, as is its current quarter revenue projection.
In consumer shares, Abercrombie & Fitch (NYSE:ANF) gained 10.1 percent to $21.65 as the teen apparel retailer reported a 14 percent fall in quarterly sales due to weak demand, a strong dollar, and higher discounts. The New Albany, Ohio-based company said it sees sales improving, and that it will see continued headwinds from foreign currency fluctuations.
Costco Wholesale (NASDAQ:COST), the world’s largest membership chain, rose 0.1 percent at $145.49, erasing a loss to as low as $143.16 after quarterly sales missed analysts’ estimates, while profit beat expectations. The warehouse retailer was hurt by lower gasoline prices and a stronger dollar.
Express (NYSE:EXPR) gained 5.5 percent to $17.55 as the apparel retailer reported adjusted quarterly profit of $0.22 per share, $0.07 above estimates. A comparable store sales increase of seven percent helped push revenue above analyst forecasts, and Express has now raised its full year guidance.
General Motors (NYSE:GM) rose 1.3 percent to $36.27. Morgan Stanley upgraded the automaker's stock to "equal-weight" from "underweight," saying various market forces may push GM to consider more radical strategic changes.
In other stocks, Teva Pharmaceutical (NYSE:TEVA) fluctuated between gains and losses. Teva disclosed a 1.35 percent stake in Mylan, which the drug maker wants to buy. Its $82 per share offer for Mylan was rejected last month as "grossly undervalued."