U.S. shares edged lower today as a rise in borrowing rates has put pressure on global equities. The S&P 500 (INDEXSP:.INX) gained 0.2 percent to 2,082.65 at 11:42 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) added 0.2 percent to 17,793.71. The tech-heavy Nasdaq 100 (INDEXNASDAQ:NDX) slipped 0.1 percent to 4,425.78. Most followed shares included Apple, Atmel, P&G, Lululemon Athletica, Quiksilver, Burlington Stores, GM, Peabody Energy, Sage, GE, and HSBC.
In technology stocks, Apple (NASDAQ:AAPL), the world’s largest technology company, fell 1.2 percent to $126.26, a day after the launch of its streaming music service, Apple Music, a $9.99-a-month streaming music service that may not differ dramatically from competitors but comes with Apple's deep music roots, global brand and hundreds of millions of iTunes customers.
Atmel (NASDAQ:ATML) rose 2.4 percent to $9.98. Reuters reported that the chipmaker is exploring a possible sale and other strategic alternatives, and that it is working with Qatalyst Partners on those options.
In consumer shares, Procter & Gamble (NYSE:PG) advanced 0.8 percent to $78.29 after the consumer products company reportedly received bids from Coty and Germany's Henkel for separate parts of its beauty-related businesses.
Lululemon Athletica (NASDAQ:LULU) gained 6.3 percent to $65.39 after the yogawear maker boosted its full-year outlook and reported first-quarter profit that topped analysts’ estimates. The results were helped by a 6 percent rise in comparable-store sales.
Campbell Soup (NYSE:CPB) wavered and was last up 0.1 percent at $46.32 after the world’s largest soup maker said it would acquire Garden Fresh Gourmet Inc. for $231 million. Garden Fresh is a producer of salsa and hummus and has about $100 million in yearly sales.
Quiksilver (NYSE:ZQK) pulled its outlook for the year as logistics issues led to weaker-than-expected results in the April quarter.
Burlington Stores (NYSE:BURL) tumbled 7.9 percent to $49.62 after the retailer reported weaker-than-expected first quarter revenue and issued a subdued outlook for the current quarter.
General Motors (NYSE:GM) climbed 0.7 percent to $35.23, following a report that Fiat Chrysler Automobiles NV is contacting activists to prod the U.S. car maker into a merger.
In other stocks, Peabody Energy (NYSE:BTU) jumped 6.1 percent to $3.24 as the largest U.S. coal producer announced plans to fire about 250 workers in the coming months and close offices in Indiana and Wyoming amid falling demand and prices for the fossil fuel.
Sage (NASDAQ:SAGE) jumped 16.4 percent to $87.58 after the drug developer's experimental injectable drug was found effective in treating postpartum depression.
General Electric (NYSE:GE) fluctuated and was last trading at $27.31, up 0.2 percent. The company has agreed to sell its private-equity-lending unit to Canada’s largest pension fund in a deal valued at about $12 billion. The Wall Street Journal had reported the two companies were nearing a deal earlier this week.
ADRs of HSBC (NYSE:HSBC) fell 0.6 percent to $47.08. The bank will cut nearly 50,000 jobs as well as significantly scaling back its investment bank. The move will cut its assets by about 2 percent.