U.S. shares wavered as investors weighed equity valuations. The S&P 500 (INDEXSP:.INX), the 30-company Dow Jones Industrial Average (INDEXDJX:.DJI), and the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) each fell 0.1 percent at 11:34 a.m. in New York. Most followed shares included eBay, RadioShack, Allergan, Urban Outfitters, Receptos, MetLife, Las Vegas Sands, Best Buy, Coupons.com, and B/E Aerospace.
In communications, eBay Inc. (NASDAQ:EBAY), the world's largest online marketplace, declined 2.7 percent to $48.27 after saying David Marcus will step down as the head of its PayPal unit to join Facebook Inc. (NASDAQ:FB). Marcus will lead Facebook Inc.’s mobile-messaging business. Facebook gained 3.1 percent to $64.80.
Coupons.com (NYSE:COUP), a digital coupon company, slumped 15 percent to $23.80. Goldman Sachs downgraded the stock to "sell" from "neutral" on a valuation basis, following a 66 percent gain in the past month.
In consumer-discretionary shares, RadioShack Corp. (NYSE:RSH), the struggling electronics retailer, plummeted 9.1 percent to $1.40 after reporting a wider quarterly loss of $98.3 million last quarter and saying sales slid for the ninth straight time.
Urban Outfitters Inc. (NASDAQ:URBN), the Philadelphia, Pennsylvania-based specialty retailer, slipped 2.9 percent to $33.67. Urban said sales at stores open at least a year are unchanged so far in the second quarter compared to a year ago.
Las Vegas Sands Corp. (NYSE:LVS), a casino operator, fell 2.1 percent to $71.35. UBS downgraded the stock to "neutral" from "buy", citing slower demand among the company's high-end VIP customers.
Best Buy Co. (NYSE:BBY), the world's largest electronics chain, added 1.7 percent to $29.28 after saying its board approved a 12 percent increase to its quarterly dividend.
In health-care stocks, Allergan Inc. (NYSE:AGN), the Botox maker, fluctuated between gains and losses after rejecting a takeover offer from Valeant Pharmaceuticals International Inc. (NYSE:VRX).The board of Allergan said the unsolicited proposal by Montreal-based Valeant, with the backing of Pershing Square Capital Management LP, undervalues the company.
Receptos Inc. (NASDAQ:RCPT), which develops small molecule drug therapies, jumped 35 percent to $39.30. A second-phase trial showed its RPC1063 treatment reduced brain lesions in patients with relapsing multiple sclerosis, according to a statement.
In other stocks, MetLife Inc. (NYSE:MET), the largest U.S. life insurer, gained 0.5 percent to $54.91 after saying it will buy back $1 billion of common stock in its first repurchase since 2008.
B/E Aerospace Inc. (NASDAQ:BEAV), the maker of parts for aircraft cabin interiors, declined 4.7 percent to $94.26. The company is splitting into two separate publicly traded companies, one focusing on products, the other on services.
Reported by Proactive Investors 46 minutes ago.
In communications, eBay Inc. (NASDAQ:EBAY), the world's largest online marketplace, declined 2.7 percent to $48.27 after saying David Marcus will step down as the head of its PayPal unit to join Facebook Inc. (NASDAQ:FB). Marcus will lead Facebook Inc.’s mobile-messaging business. Facebook gained 3.1 percent to $64.80.
Coupons.com (NYSE:COUP), a digital coupon company, slumped 15 percent to $23.80. Goldman Sachs downgraded the stock to "sell" from "neutral" on a valuation basis, following a 66 percent gain in the past month.
In consumer-discretionary shares, RadioShack Corp. (NYSE:RSH), the struggling electronics retailer, plummeted 9.1 percent to $1.40 after reporting a wider quarterly loss of $98.3 million last quarter and saying sales slid for the ninth straight time.
Urban Outfitters Inc. (NASDAQ:URBN), the Philadelphia, Pennsylvania-based specialty retailer, slipped 2.9 percent to $33.67. Urban said sales at stores open at least a year are unchanged so far in the second quarter compared to a year ago.
Las Vegas Sands Corp. (NYSE:LVS), a casino operator, fell 2.1 percent to $71.35. UBS downgraded the stock to "neutral" from "buy", citing slower demand among the company's high-end VIP customers.
Best Buy Co. (NYSE:BBY), the world's largest electronics chain, added 1.7 percent to $29.28 after saying its board approved a 12 percent increase to its quarterly dividend.
In health-care stocks, Allergan Inc. (NYSE:AGN), the Botox maker, fluctuated between gains and losses after rejecting a takeover offer from Valeant Pharmaceuticals International Inc. (NYSE:VRX).The board of Allergan said the unsolicited proposal by Montreal-based Valeant, with the backing of Pershing Square Capital Management LP, undervalues the company.
Receptos Inc. (NASDAQ:RCPT), which develops small molecule drug therapies, jumped 35 percent to $39.30. A second-phase trial showed its RPC1063 treatment reduced brain lesions in patients with relapsing multiple sclerosis, according to a statement.
In other stocks, MetLife Inc. (NYSE:MET), the largest U.S. life insurer, gained 0.5 percent to $54.91 after saying it will buy back $1 billion of common stock in its first repurchase since 2008.
B/E Aerospace Inc. (NASDAQ:BEAV), the maker of parts for aircraft cabin interiors, declined 4.7 percent to $94.26. The company is splitting into two separate publicly traded companies, one focusing on products, the other on services.
Reported by Proactive Investors 46 minutes ago.