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Overnight Markets: Most US stocks down on Japanese growth
by Himanshu Singh on Aug 13, 2013 at 03:16
The Dow Jones and the S&P 500 fell on Monday as data showed a slowdown in Japan’s economic growth and investors awaited Tuesday’s report on America’s retail sales.
The Dow Jones industrial average was down six points, or 0.04%, at 15,420. The Standard & Poor's 500 Index was down two points, or 0.12%, at 1,689. The Nasdaq Composite Index was up 10 points, or 0.27%, at 3,670.
A Commerce Department report on Tuesday will show that retail sales increased for a fourth consecutive month in July, economists surveyed by Bloomberg predicted. A Fed release on 15 August may show factories, mines and utilities increased their output in July. On 16 August, reports will probably show that housing starts and building permits rebounded last month.
In Asia, reports showed Japan’s gross domestic product growth slowed from the first quarter to a pace below economists’ forecasts while Chinese factor production increased a higher-than-expected 9.7% in July.
U.S.-listed shares of smartphone maker BlackBerry (BBRY.O) jumped 10.5% after the company said it had set up a committee to explore a possible sale or partnership.
Shares of Apple Inc (AAPL.O), the world's largest technology company, rose 2.8% after technology blog AllThingsD reported the company is expected to present its redesigned iPhone in September.
In deal news, Steinway Musical Instruments (LVB.N), the manufacturer of pianos, saxophones and trumpets, said it received a $38-per-share buyout offer from an investment firm it did not identify, topping an earlier bid by Kohlberg & Co. Shares of Steinway rose 9.3%.
Vical Inc (VICL.O) shares plummeted 57% after the company said it would stop developing cancer therapy Allovectin after a late-stage trial failed. The stock was one of the most actively traded on the Nasdaq Stock Market.
Tesla Motors Inc (TSLA.O) dipped 3.7% after Lazard downgraded the stock.
Other decliners were commercial real estate companies including Prologis (PLD.N), down 1.6% and BRE Properties (BRE.N), down 0.9%.
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