U.S. shares moved lower as concerns about Greece bailout talks continued to weigh on global equity markets. The S&P 500 (INDEXSP:.INX) slipped 0.2 percent to 2,108 at 11:50 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) lost 0.2 percent to 18,010, while the tech-heavy Nasdaq 100 (INDEXNASDAQ:NDX) surrendered 0.3 percent to 4,508. Most followed shares included PVH, Dollar General, Anheuser-Busch, Cracker Barrel, Fiat Chrysler, Intel, Apple, Youku Tudou, Medtronic, Plug Power, AIG, and FedEx.
In consumer shares, PVH (NYSE:PVH) rose 8.2 percent to $113.25 after the apparel maker behind brands Calvin Klein and Tommy Hilfiger reported better-than-expected results in its fiscal first quarter. Net income more than tripled to $114.1 million, or $1.37 per share, for the three months ended May 3, from $35.3 million, or $0.42 per share, for the year-ago quarter. Adjusted net income was $1.50 per share, topping the average estimate of $1.38 per share, according to Thomson Reuters. Revenue fell 4 percent to $1.88 billion from $1.96 billion in the same quarter last year, but beat the Wall Street consensus of $1.86 billion.
Dollar General (NYSE:DG) gained 4.1 percent to $75.80 after the discount retailer posted a better-than-expected 14 percent rise in first-quarter profit, helped by higher traffic and customer spending.
ADRs of Anheuser-Busch InBev (NYSE:BUD) added 1.5 percent to $121.08 as Susquehanna upgraded the beer brewer's stock to "positive" from "neutral," to reflect what the firm sees as "imminent" consolidation in the beer industry.
Cracker Barrel Old Country Store (NASDAQ:CBRL) gained 4 percent to $145.32 after saying profit in its latest quarter rose 23 percent as sales and traffic grew and as the company continued to cut costs.
Fiat Chrysler Automobiles NV (NYSE:FCAU) slipped 0.8 percent to $16.16. The car manufacturer delayed the redesign or release of some current or new vehicles in North America in the past year, Reuters reported, citing suppliers familiar with the company’s plans.
In technology shares, Intel (NASDAQ:INTC) fell 2.2 percent to $33.15 as Intel was downgraded to "market perform" from "outperform" at BMO Capital, which takes a negative view of Intel's acquisition of chipmaker Altera.
Apple (NASDAQ:AAPL) slipped 0.3 percent to $129.98. The world’s largest technology company is preparing to launch a direct rival to Spotify AB and other popular services that let users stream songs instead of buying them. At its developers’ conference on June 8, Apple is expected to announce a new set of music streaming services.
ADRs of Youku Tudou (NYSE:YOKU) were up 8.1 percent to $29.81 after the Beijing-based Internet television company and Disney formed a Marvel online movie marketing partnership. Disney was unchanged from its closing price of $110.96.
In other stocks, Medtronic (NYSE:MDT) was up 0.1 percent at $76.75, reversing an earlier loss. The medical products maker reported adjusted quarterly profit of $1.16 per share, topping estimates by $0.05, with revenue also above forecasts. Medtronic's full-year forecast is slightly below Street estimates, however, as it increases the projected negative impact of the stronger dollar.
Plug Power (NASDAQ:PLUG) jumped 4.1 percent to $2.79 after the fuel cell maker announced an expansion of a contract with Walmart Canada.
American International Group (NYSE:AIG) rose 1.7 percent to $59.67. The insurer will sell 50 million shares of AerCap Holdings NV in an initial public offering, according to the aircraft leasing company.
FedEx (NYSE:FDX) seesawed between gains and losses as the logistics and delivery company will take $276 million in charges as it accelerates aircraft retirements.