Stocks opened lower on Thursday on earnings disappointments from U.S. corporations and weak data out of Germany.
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Fiat Chrysler shares fell after weaker-than-expected guidance for profits and industrial free cash flow this year raised doubts about longer-term targets.
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Twitter forecast first-quarter revenue that was below analyst estimates on Thursday and said the number of users fell in the fourth quarter, which sent shares lower.
BB&T will buy SunTrust Banks for about $28 billion in an all-stock deal, creating the sixth largest U.S. lender in the biggest bank deal since the 2007-2009 financial crisis.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25299.74 | -90.56 | -0.36% |
| SP500 | S&P 500 | 2712.86 | -18.75 | -0.69% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7320.5626 | -54.72 | -0.74% |
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Earnings at T-Mobile exceeded Wall Street estimates as the telecommunications firm ups its lobbying efforts to win federal approval for a $26.5 billion merger with Sprint.
In economic news, the number of Americans filing applications for unemployment benefits dropped from near a 1-1/2-year high last week, pointing to continued labor market strength. Initial claims for state unemployment benefits tumbled 19,000 to a seasonally adjusted 234,000 for the week ended Feb. 2, the Labor Department said on Thursday.
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Germany reported a fourth consecutive drop in industrial output.
In Europe, Germany’s DAX fell 1.8 percent, London’s FTSE slipped 0.4 percent and France’s CAC fell 1.1 percent.
In Asia on Thursday, Japan’s Nikkei closed 0.6 percent lower. Markets in China and Hong Kong remain closed for the Lunar New Year holiday.
