U.S. shares U.S. stocks sold off today as global equity investors nervousness heightened while Greece and its international creditors hold meetings that could determine the country’s future in the eurozone. The S&P 500 (INDEXSP:.INX) retreated 0.8 percent to 2,051.59 at 11:50 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slid 0.9 percent to 17,527.74, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) sank 1.4 percent to 4,921.35. Most followed shares included Alcoa, A. Schulman, Fitbit, Advanced Micro, Horizon Pharma, Allergan, Tiffany, Shake Shack, Advance Auto Parts, American Apparel, and Plug Power.
In materials, Alcoa (NYSE:AA) slid 2.6 percent to $10.74. The largest U.S. aluminum producer unofficially kicks off the quarterly earnings season tomorrow, when it reports after markets close. Profit at S&P 500 companies will contract 6.5 percent in the period, according to analysts’ estimates compiled by Capital IQ.
A. Schulman (NASDAQ:SHLM) slipped 11.7 percent to $37.21 after the plastic manufacturer late yesterday said it swung to a loss in the third quarter.
In technology stocks, Fitbit (NYSE:FIT) skidded 0.5 percent to $39.95 as Robert W. Baird & Co. initiated coverage of the stock, also with an “outperform” rating.
Advanced Micro Devices (NASDAQ:AMD) tumbled 15 percent to $2.09 after the second-largest maker of processors for personal computers said second-quarter sales slid more than initially projected.
In health-care shares, Horizon Pharma Plc (NASDAQ:HZNP) declined 5.5 percent to $32.65 after making an unsolicited bid to buy Depomed (NASDAQ:DEPO) in an all-stock deal valued at $3 billion. Horizon offered to pay $29.25 per share, or a 42 percent premium over yesterday's closing price for Depomed, which has rejected past overtures from Horizon.
Allergan (NYSE:AGN) slid 0.4 percent to $305.50 after the Botox maker said it reached a deal to buy the exclusive rights to two experimental migraine drugs from Merck (NYSE:MRK) for $250 million.
In consumer shares, Tiffany (NYSE:TIF) added 0.3 percent to $93.14 after Sanford C. Bernstein & Co. upgraded the luxury jewelry chain to “outperform”, similar to “buy”.
Shake Shack (NYSE:SHAK) slid 8.7 percent to $53.72 after Morgan Stanley cut its recommendation on the fast casual restaurant chain.
Advance Auto Parts (NYSE:AAP) slipped 0.4 percent to $162.78. Advance Auto Reports will join the S&P 500 after the close of trading today. The auto parts retailer replaces Family Dollar Stores, which has been acquired by S&P 500 member Dollar Tree.
American Apparel (NYSEMKT:APP) fell 24 percent to $0.347 as the Los Angeles, California-based company warned it may need to raise additional capital over the next year even as it embarks on an aggressive cost-cutting plan to help it end five years of losses.
In other stocks, MSC Industrial Direct (NYSE:MSM) rose 2.4 percent to $69.58 as the direct marketer said third-quarter profit fell less than expected. But the company issued an earnings and revenue forecast below analyst expectations.
Plug Power (NASDAQ:PLUG) advanced 9 percent to $2.43 after the provider of alternative energy technology expected to report “record revenue” in the second quarter and reaffirming its 2015 guidance.