Twitter, Wal-Mart tumble as US stocks fall
NEW YORK - US stocks retreated early Thursday with Twitter plunging on a report of fading interest from some potential suitors and Wal-Mart Stores dropping on a disappointing forecast.
Twitter dived 17.9 percent after technology news site Recode said Google had no plans to bid for the social media company. Apple and Disney also are not interested in making a takeover offer, the article said.
Dow member Wal-Mart Stores lost 2.5 percent after it projected that fiscal 2018 earnings would be flat amid a period of heavy investments in e-commerce and increased staff pay in the US.
About 30 minutes into trade, the Dow Jones Industrial Average was at 18,188.79, down 0.5 percent.
The broad-based S&P 500 lost 0.3 percent at 2,153.47, while the tech-rich Nasdaq Composite Index shed 0.4 percent at 5,292.41.
Analysts expect caution among investors ahead of Friday's US jobs report for September. Analysts have projected the economy added 176,000 jobs last month.
Declines in Twitter and Wal-Mart were offset somewhat by gains in petroleum-linked equities after US oil prices shot above $50 a barrel in intraday trade for the first time since June.
Dow member American Express lost 3.3 percent following a downgrade by Nomura.
Lam Research advanced 2.4 percent while KLA-Tencor lost 0.1 percent as they announced they were shelving a plan to merge due to opposition from antitrust regulators.
The two companies provide process control technology for the semiconductor industry.
- AFP