Stocks erase gains as tech rolls over
The Dow swings nearly 400 points as tech rolls over. Plus, a huge decision from the Supreme Court hitting big labor and a confirmation battle brewing. And Comcast looking to raise cash for Fox assets. Can Disney shake Brian Roberts and gang? Plus, don’t trust the algos! At least if you’re looking for a World Cup prediction. Catch The Final Round at 3:55 ET p.m., with Yahoo Finance’s Jen Rogers, markets correspondent Myles Udland, and Editor-in-Chief Andy Serwer.
Winners and losers
Stocks in the red include Sonic as the restaurant beat on profit but sales disappointed; Puma Biotech as traders take money off the table following yesterday’s huge moving European regulator’s move to re-examine its breast cancer treatment; and National Beverage Corp, with shares dropping as the La Croix maker is under SEC scrutiny, questioning the beverage maker’s claims about rising sales using terms like “velocity per outlet” and “velocity per capita.”
Stocks in the green include Differential Brands as it’s set to buy most of Global Brands for $1.38 billion in cash; GE as Oppenheimer upgraded the stock to Perform, claiming GE’s streamlined portfolio can add value and decrease its liabilities; and WWE, with shares flexing like Brock Lesnar at Wrestlemania, after it announced two new rights deals with FOX and USA Network for SmackDown Live and Monday Night Raw.
