Stocks drop as tech-heavy Nasdaq falls
Markets (^DJI, ^GSPC, ^IXIC) are getting hit here as the Nasdaq leads stocks lower. Is Wall Street souring on one of 2017’s top trades? Plus, Tesla is driving into bear territory. Are shares poised to drop even further? We have an exclusive poll. And—it’s the era of the super team—will the NBA’s free-spending ways eventually hurt the league and its advertisers and broadcasters? Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance markets correspondent Myles Udland.
Winners and losers
Stocks in the red today include Yum China as revenue slightly missed as Pizza Hut sales were weak; L Brands as the Victoria’s Secret parent saw comparable-store sales drop 9% from a year ago; and PriceSmart, with shares of the warehouse retailer retailer dropping as earnings and revenue missed estimates, as warehouse sales disappointed.
Stocks in the green today include Costco on the back of a 6% rise in same-store sales; BeiGene as the Chinese drugmaker revealed Celgene bought a 5.9% stake in the company; and HSN, with shares jumping after John Malone’s Liberty Interactive announced it would acquire the 62% of HSN shares it didn’t already own.
Is print dead?
When’s the last time you bought a magazine? If you have to think about it, you’re not alone. The magazine business is struggling and consolidating and possibly making some strange bedfellows. Dan Roberts is here with more on that and a little NBA free agency update.
