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Stocks start week in a slump

Monday, February 09, 2015 - 01:41

Nine of ten S&P sectors finished down Monday, with only energy finishing up, after worries about China's economy and Greek debt negotiations weighed on stocks. Bobbi Rebell reports.

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U.S. investors looked overseas Monday and got worried as China's imports tumbled, signaling economic weakness, and about heightened tensions between Greece and the European Union over Athens' debt crisis. The major indexes closing lower. A rise in oil prices for the third straight session tempered the slide. Those same concerns also pressured stocks in Europe. Toys for boys helped buoy Hasbro's shares. Quarterly profit at the manufacturer of the Transformers and Marvel toys rose 31 percent, a sharp contrast to rival Mattel, whose profit fell nearly 60 percent. Piper Jaffray senior analyst Stephanie Wissink: SOUNDBITE: STEPHANIE WISSINK, SENIOR ANALYST, PIPER JAFFRAY (ENGLISH) SAYING: "You see Hasbro going in and winning a major piece of business with Disney based on a very creative approach to maximizing content value. And, I think, what we have seen from Mattel, unfortunately, is that they haven't necessarily adopted that same approach. They have been very focused on their legacy brands." Qualcomm's underperforming shares rose. Reuters exclusively reported that the smartphone chipmaker is likely to pay China about $1 billion to settle an antitrust probe. A source said Qualcomm may also have to cut its royalty rate by around a third on patents used in China. The first company to cover Shake Shack - Longbow Research - gave it an "underperform" rating. Shake Shack's stock got shook up, though it's still double its debut price. Abercrombie & Fitch got the thumbs down from analysts at Bank of America Merrill Lynch and Wunderlich Securities. The latter warning the strong dollar will hurt sales to tourists. McDonald's shares fell on news global same store sales dropped for the eighth straight month in January.

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Stocks start week in a slump

Monday, February 09, 2015 - 01:41