U.S. shares dropped today, following sharp swings in government bonds across the globe. The S&P 500 (INDEXSP:.INX) slipped 0.4 percent to 2,105.03 at 11:28 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) skidded 0.5 percent to 17,983, while the tech-heavy Nasdaq 100 (INDEXNASDAQ:NDX) slipped 0.3 percent to 4,507.08. Most followed shares included T-Mobile, Dish Networks, Wendy’s, J.M. Smucker, Michaels Cos, L Brands, Five Below, Nordstrom, FireEye, Molycorp, and Ciena.
In consumer shares, T-Mobile (NYSE:TMUS) rose 4.7 percent to $40.04 after the Wall Street Journal reported that Dish Networks (NASDAQ:DISH) is in talks to merge with the company. Dish rose 5.8 percent to $74.93.
J.M. Smucker (NYSE:SJM) fell 3.4 percent to $114.23 after the company reported a quarterly loss hurt by higher green coffee costs and lower demand for its coffee products in the United States following price increases.
Wendy’s (NASDAQ:WEN) fell 1.8 percent to $11.27 as the fast-food franchise was downgraded to neutral from outperform and its stock-price target cut to $12 from $13 by Wedbush Securities.
Michaels Cos (NASDAQ:MIK) slumped 3.9 percent to $27.15 as the crafts retailer missed estimates by $0.01, reporting quarterly profit of $0.32 per share, while revenue was essentially in line. Michaels said its results were impacted by unfavorable weather and the stronger dollar, but added it is confident in its outlook for the remainder of the year.
L Brands (NYSE:LB) gained 2.3 percent to $88.14 as the Victoria's Secret parent reported a same-store sales increase of 5 percent for May, above the Thomson Reuters consensus estimate of a 2.8 percent increase.
Five Below (NASDAQ:FIVE) climbed 8.3 percent to $38.05. Five Below earned an adjusted eight cents per share for its latest quarter, $0.01 above estimates, with revenue also exceeding forecasts. The discount retailer also raised its outlook for the year, with sales up 22 percent over a year ago.
Nordstrom (NYSE:JWN) skidded 0.4 percent to $73.97 as Credit Suisse downgraded the retailer's stock to "neutral" from "outperform." The firm notes that footwear, accessories, and beauty products – which have been a driving force for sales growth for Nordstrom and others for several years – are showing signs of leveling off.
In other stocks, FireEye (NASDAQ:FEYE) gained 1.5 percent to $48.39 after the company partnered with Visa to help defend clients against attacks on consumer payment data. Visa (NYSE:V) inched down 0.6 percent to $68.50.
Molycorp (NYSE:MCP) tumbled 24 percent to 0.31 after the rare earth miner missed an interest payment earlier this week, heightening concerns that the struggling company could file for bankruptcy before the end of the month.
Ciena (NYSE:CIEN) advanced 1.6 percent to $24.82 after posting better-than-expected second-quarter profits as the telecom equipment-maker enjoyed an increase in international sales and more demand for optical gear. Last month, the company said it would buy Cyan Inc. for $400 million.