U.S. shares fluctuated between gains and losses in early trading today, as investors await a batch of economic reports headlined by the key jobs reports due later in the week. The S&P 500 (INDEXSP:.INX) skidded 0.1 percent to 2,096.15 at 11:57 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.1 percent to 17,580.83, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) slipped 0.2 percent to 5,106.47. Most followed shares included CVS, Baxalta, Regeneron, AIG, Aetna, Allstate, Archer Daniels, Coach, Office Depot, eLong, and Sprint.
In healthcare shares, CVS (NYSE:CVS) slipped 3.3 percent to $109.10 after the drugstore chain gave a soft earnings outlook for its current quarter. CVS beat estimates by $0.02 per share with adjusted quarter profit of $1.22 per share, with revenue essentially in line.
Baxalta (NYSE:BXLT) surged 15.4 percent after U.K. drugmaker Shire Plc (NASDAQ:SHPG) offered to buy the biopharmaceutical company for about $30 billion.
Regeneron Pharmaceuticals (NASDAQ:REGN) rose 6.6 percent to $583.52 after the biotechnology company reported a 50 percent rise in quarterly revenue, boosted by increasing demand for its blockbuster eye drug, Eylea.
In financial stocks, American International Group (NYSE:AIG) fell 5.1 percent even as the largest commercial insurer in the United States and Canada, more than doubled its quarterly dividend and lifted its share buyback target while reporting operating earnings that topped market expectations. Operating profit, which excludes some investing results, was $1.39 per share, beating the $1.21 average estimate of 21 analysts surveyed by Capital IQ.
Aetna (NYSE:AET) was up 0.1 percent at $113.86 after the health care benefits company reported better-than-expected second-quarter earnings as it benefits from growth in its government business. Aetna also raised its forecast for the full year, on better than expected performance in its Medicare and Medicaid businesses.
Allstate (NYSE:ALL) sank 11.6 percent to $61.33 after saying its second-quarter operating earnings fell 41 percent on lower auto insurance margins and seasonally high catastrophe losses.
In consumer stocks, Archer Daniels Midland (NYSE:ADM) rose 2.6 percent even as the processor of oilseeds reported second-quarter profit and revenue below analyst forecast. Record levels of ethanol production is hurt ADM's profit margins, and margins were also an issue in other agricultural service businesses.
Coach (NYSE:COH) jumped 3.2 percent to $31.40 after the luxury accessories maker reported better-than-expected profit and sales for its fiscal fourth quarter. The beat came despite an eighth straight quarter of falling sales for the company's handbags and accessories. The company offered a cautious outlook for the coming year.
Office Depot (NASDAQ:ODP) gained 0.3 percent to $7.92 after releasing second-quarter earnings that met analyst estimates, but sales slightly missed expectations.
ADRs of eLong (NASDAQ:LONG), a Chinese online travel company, has received a takeover offer from its shareholder Tencent Holdings (OTCMKTS:TCEHY), the latest move in a sector that has seen an abundance of deal activity.
In other stocks, Sprint (NYSE:S) gained 4.9 percent to $3.52 after the telecoms company reported a narrower-than-expected loss for its fiscal fourth quarter. Sprint also said Chief Financial Officer Joseph Euteneuer will be leaving the company, with former FlexiGroup CEO Tarek Robbiati succeeding him in late August.