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Global woes push stocks lower

Monday, May 11, 2015 - 01:45

Greece's finances and sluggish Chinese growth weigh on stocks; Zulily soars after Alibaba ups its stake; Etsy shares hit on concerns of counterfeiting. Jeanne Yurman reports.

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Greece's finances and slowing Chinese growth weighed on investors' minds leading to a lower finish across the board. Oil prices fell, pushing down energy stocks like Exxon Mobil and Chevron. BNP Paribas' economist Laura Rosner sees oil prices going lower. SOUNDBITE: LAURA ROSNER, U.S. ECONOMIST, BNP PARIBAS (ENGLISH) SAYING: "We still see the supply factors as just overwhelming really any kind of demands. We're having a lot more production from the U.S. and less production from the OPEC countries." Zulily's shares shot higher after Alibaba raised its stake in the online women's retailer. The e-commerce giant now owns more than nine percent of the company. Shares of Actavis were also on the rise. The drug maker's profit ballooned nearly 60 percent in the most recent quarter. It forecast a big jump in revenue aided by fast growth from the business it bought, Allergan. Post-IPO blues for Etsy. Shares dropped after brokerage firm Wedbush downgraded the handmade goods retailer to "underperform" on concerns that as many as two million items may be counterfeit or infringe on trademarks or copyrights. Apple's shares fell after research firm IDC reported China's smartphone market shrank for the first time in six years in the first quarter. Apple is the market share leader there. Twentieth Century Fox is canceling the show, "American Idol" after its 15th season. The former ratings blockbuster now draws one-third of its peak audience. Shares fell. Over in Europe, the crash of an Airbus military plane pushed down French stocks. The FTSE and Dax also closed lower.

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Global woes push stocks lower

Monday, May 11, 2015 - 01:45