Market Minute: Sell-Off Has Investors Jittery; Pepsi Rumored Making a Deal

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Investors are jittery after a big selloff, while Pepsi is rumored to be looking at a big deal. Those and more are what's news in stocks Thursday.

The Dow industrials (^DJI) tumbled 217 points Wednesday, the second biggest decline this year. The S&P 500 (^GSPC) slid 22 and the Nasdaq (^IXIC) dropped 43 points.

Since setting an all-time high about two weeks ago, the S&P has lost about 4 percent of its value.

An employee packages carbon dioxide (CO2) cylinders at the SodaStream International Ltd. factory in Mishor Adumim, near Jerusalem, Israel, on Wednesday, Aug. 17, 2011. SodaStream, whose single product can turn tap water into over 100 flavors of soda in refillable bottles, will benefit from a U.S. slowdown as consumers seek to save more, Chief Executive Officer Daniel Birnbaum said in an interview. Photographer: Ariel Jerozolimski/Bloomberg
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Pepsico (PEP) is reportedly in talks to buy SodaStream, the Israeli company that makes machines that convert tap water into carbonated drinks. An Israeli newspaper reports the deal could be worth $2 billion. But Pepsi's CEO, Indra Nooyi, says the report isn't true.

Monsanto (MON) believes the unapproved genetically modified wheat found at a farm in Oregon last week may have been the result of sabotage. The company also says the incident was an isolated one.

McDonald's (MCD) is making a play for college kids and people working the night shift. USA Today says the company will offer a limited menu of dinner and breakfast items between midnight and 4 a.m.

Costco (COST) says a key measure of sales rose 5 percent last month, a bit shy of expectations.

Women's fashion-designer Vera Bradley (VRA) says its CEO, Michael Ray, is resigning. The company also issued a disappointing earnings outlook, and its stock is set to slide.

Two retailers are also in for a rough day. Francesca Holdings (FRAN), which sells women's clothes and jewelry, met expectations but sales growth slowed. And Ascena Retail Group (ASNA), which used to be Dress Barn, missed expectations and issued a weak forecast.

And VeriFone's (PAY) earnings came in well shy of expectations. The company operates electronic payment systems. Its shares are going to take a big hit today. They've already lost a quarter of their value this year.

But Endo Health Solutions (ENDP) is on the rise even though it lowered its earnings forecast for the year. But the drug company also said it will implement a series of cost-cutting measures that may include the sale of some non-core businesses.

Check back after the market closes Thursday for the new DailyFinance closing bell report.

-Produced by Drew Trachtenberg


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Iselin007

Several hours ago they said it wasn't true .

June 06 2013 at 2:13 PM Report abuse +1 rate up rate down Reply
Doug Click

Payroll tax increase, First phase of Obamacare rolling out and sequestration have taken their toll on a weak economy. At worst we are on the edge of a cliff agian at best this is a market correction due to the rapid run up.

June 06 2013 at 12:31 PM Report abuse +1 rate up rate down Reply