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Overnight Markets: US stocks fall on bank earnings

by Himanshu Singh on Jan 17, 2014 at 03:59

The stock of Best Buy Co Inc (BBY.N) plunged 28.6% after it reported a drop in holiday sales and forecast a bigger-than-expected decline in quarterly operating margins.

In the deal news, Apollo Global Management LLC (APO.N) said it would buy CEC Entertainment Inc (CEC.N), the parent of the Chuck E Cheese restaurant chain, for about $948 million. CEC Entertainment's stock jumped 13.1%, while Apollo Global's shares rose 0.8%.

In Asia, shares declined on Friday in early trading amid downbeat results on Wall Street.

MSCI's broadest index of Asia-Pacific shares outside Japan slumped 0.2%, while Australian shares skidded 0.4% and Japan's Nikkei index dropped 0.8%. Hong Kong’s Hang Seng Index was up 0.06%, while China’s Shanghai Composite Index was trading 0.78% lower. South Korea’s  KOSPI Index was down 0.64%.

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