U.S. stocks are slipping Thursday as technology and energy companies fall, while a solid quarter from cereal maker Kellogg helped makers of food and household goods move higher. Investors are buying government bonds after some disappointing economic news from the U.S. and Britain. Companies that sell and distribute generic drugs took sharp losses.
KEEPING SCORE: The Standard & Poor’s 500 index dropped 6 points, or 0.2 percent, to 2,471 as of 1:40 p.m. Eastern time. The Dow Jones industrial average added 3 points, or less than 0.1 percent, to 22,020. The Dow crossed 22,000 points for the first time Wednesday after a seven-day winning streak. The Nasdaq composite lost 19 points, or 0.3 percent, to 6,343. The Russell 2000 sank 5 points, or 0.3 percent, to 1,408 after a sharp loss a day ago.
TECH TAKES A TURN: Security software maker Symantec announced disappointing first-quarter sales and its forecasts for the rest of the year weren’t as good as analysts had hoped. Symantec also said it will sell its website security business to DigiCert for $950 million in cash and a 30 percent stake in DigiCert. Symantec slid 49 cents, or 1.6 percent, to $30.42.
3D printer maker 3D Systems plunged $3.43, or 20.1 percent, to $13.59 after it fell short of Wall Street estimates in the second quarter and cut its projections for the full year. Elsewhere, Apple lost $1.71, or 1.1 percent, to $155.41 after a big jump the day before.
THEY’RE GREAT: Kellogg, the maker of Frosted Flakes, Pop Tarts and Eggo waffles, reported another quarterly decline in sales as revenue from breakfast items slipped and snack food sales were flat. But the results weren’t as bad as experts had expected. Its stock jumped $2.61, or 3.9 percent, to $70.05.
Consumer products maker Clorox also rose after it disclosed a larger-than-expected profit. It gained $4.78, or 3.6 percent, to $136.75.
GENERIC DRUG WOES: AmerisourceBergen slumped $9.05, or 9.9 percent, to $82.23 after it said it expects slower revenue growth this year. Prescription drug distributors have struggled lately as the prices of generic drugs fall, and rival Cardinal Health lost 8.2 percent Wednesday after its quarterly report.
Teva Pharmaceutical Industries, the largest manufacturer of generic drugs, also tumbled. It slashed its outlook as falling prices and growing competition hurt its results in the U.S. The stock dropped $7.73, or 24.7 percent, to $23.53.
ECONOMIC NEWS: The Institute for Supply Management gave a disappointing…