NST Online Business Times : latest
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| Research in Motion leads US stocks lower Posted: 31 Jan 2013 04:16 PM PST NEW YORK: US stocks finished lower Thursday, with BlackBerry maker Research in Motion losing 5.8 per cent after launching a new operating system and Dow Chemical sagging nearly 7 per cent on a quarterly loss. The Dow Jones Industrial Average finished down 49.84 points (0.36 per cent) to 13,860.58. The broad-based S&P 500 dropped 3.85 points (0.26 per cent) to 1,498.11. The tech-heavy Nasdaq Composite slipped 0.18 (0.01 per cent) to 3,142.13.
The Justice Department's filing of a suit to block the US$20 billion takeover of Mexican brewer Grupo Modelo by the world's largest beer group, Anheuser-Busch InBev, sent their shares tumbling. US anti-trust authorities said the merger would give ABI control of nearly 50 per cent of the US beer market. ABI shares lost 5.9 per cent, and on Mexico's Bolsa, Grupo Modelo lost 6.7 per cent. The biggest casualty of the Justice Department's move was Constellation Brands, which was expected to gain control of the US importer of Modelo products -- which include Corona -- in the deal. Constellation shares finished down 17.4 per cent. Other companies reporting earnings whose shares fell included ConocoPhillips (-5.1 per cent) and Time Warner Cable (-11.3 per cent). Among key gainers, chipmaker Qualcomm's shares added 3.9 per cent after several brokers gave it an upgrade following its strong quarterly results. Casino operators Las Vegas Sands added 7.2 per cent after beating revenue growth forecasts helped by a new China operation, despite missing expectations on the bottom line. -- AFP |
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