U.S. shares tumbled in early trade today as investors world-wide dumped risky assets such as equities following Greece’s overwhelming rejection of bailout terms. The S&P 500 (INDEXSP:.INX) slid 0.3 percent to 2,071.16 at 11:44 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.2 percent to 17,687.32, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) retreated 0.3 percent to 4,993.99. Most followed shares included Allergan, BofA, Citi, JPMorgan, Humana, Aetna, Philip Morris, TripAdvisor, Guess, Harley-Davidson, Chipotle Mexican Grill, Dollar Tree, and American Apparel.
Allergan (NYSE:AGN) fluctuated and was last up 0.2 percent at $30.7.90 after the Botox maker said today that it has agreed to buy Oculeve, a maker of novel dry-eye disease treatments, for $125 million in cash. Oculeve specializes in treatments for dry eye disease.
In financials, Bank of America (NYSE:BAC) slipped 0.7 percent to $16.92 as financials fell across the globe following the result of the Greek referendum. Citigroup (NYSE:C) lost 0.8 percent to $54.94, while JPMorgan declined 0.4 percent to $67.22.
Humana (NYSE:HUM), a health insurer, rose 3.4 percent to $193.95 after Aetna (NYSE:AET) agreed to buy the rival health insurer for about $37 billion. Humana shareholders will receive $125 in cash and 0.8375 Aetna shares for each share they now hold. Aetna fell 5.6 percent to $118.50.
In consumer shares, Philip Morris International (NYSE:PM) wavered and was last up 0.1 percent at $81.25. The tobacco producer is planning to sell more than $1 billion worth of shares in its Indonesian operation, according to a Wall Street Journal report.
TripAdvisor (NASDAQ:TRIP) dropped 0.5 percent to $86.41. Barclays upgraded the travel website operator's shares to "equalweight" from "underweight," based on prospects for TripAdvisor's "Instant Booking" platform.
Guess (NYSE:GES) advanced 4.2 percent to $19.84. Piper Jaffray raised its rating on the apparel maker's stock to "neutral" from "underweight," based on improving trends in Europe and following recent meetings with management.
Harley-Davidson (NYSE:HOG) gained 1 percent to $56.60. Harley shares could rise 30 percent, according to Barron's, thanks to reduced costs and the motorcycle maker's buyback plan.
Chipotle Mexican Grill (NYSE:CMG) slipped 0.7 percent. Chipotle shares could drop 15 percent to 20 percent, according to another Barron's article, due to flagging growth.
American Apparel (NYSEMKT:APP) sank 5.9 percent to $0.460 after unveiling plans to cut costs by closing underperforming stores and streamlining its workforce as the retailer looks to turn around its flagging business.
Dollar Tree (NASDAQ:DLTR) gained 1 percent to $80.57. The discount retailer has received U.S. Federal Trade Commission approval to acquire rival Family Dollar Stores after a nearly year-long review. The combined company will need to divest more than 300 stores. Dollar Tree expects the deal to be completed today.
In other stocks, Potash Corp. (NYSE:POT) seesawed and was last up 0.2 percent to $31.05. The Canada-based fertilizer said it is still interested in acquiring German fertilizer producer K+S, despite the rejection of its $8.7 billion takeover bid. Potash said it is confident of addressing K+S concerns about its offer.