Stocks Slide; Procter & Gamble Is the Dow's Biggest Loser

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Stocks tumble as traders do some profit taking.

The Dow Jones Industrial Average (^DJI) slid 209 points, ending near its lowest level of the day. Most of the selling came in the final 30 minutes of trading. The S&P 500 (^GSPC) lost 23 and the Nasdaq (COMPX) dropped 35.

All three indexes edged lower for the second week in a row -- the first back-to-back weekly losses since last November.

Tide cleaning products are on display at the Greenfield Tide dry cleaners Monday, Aug. 30, 2010, in Leawood, KS. Bloomberg News/Ed Zurga
Getty Images
Procter & Gamble (PG) was the biggest loser among the Dow's 30 stocks, leading the consumer staples sector lower. P&G fell more than 2 percent after setting up a four-way race between internal candidates to succeed A.G. Lafley as CEO.

Intel (INTC) added nearly 1 percent on a report that Samsung (SSNLF) will begin making some Android phones with Intel inside.

AIG (AIG), which was kicked out of the Dow a few years back, fell 3 percent. The company's divestiture plan suffered a setback: It did not receive an expected deposit on the sale of its plane-leasing unit to a Chinese group.

Sony (SNE) fell 3 percent even though it retained two investment advisers to help review the demand of an activist shareholder to spin off its entertainment division.

Retail stocks advanced on signs that consumers are growing more confident in the economy. The University of Michigan's index of consumer sentiment rose to its highest level in nearly six years. Shares of Gap (GPS) rose 1.5 percent.

There were a number of big movers on earnings news:
  • Krispie Kreme Doughnuts (KKD) surged 21 percent.
  • Omnivision Technologies (OVTI) rallied 19 percent.
  • Guess? (GES) rallied 8 percent.
  • Lion's Gate (LGF), the studio behind the "Hunger Games" and "Twilight" hits, rose 3 percent to an all-time high.
  • But Palo Alto Networks (PANW) slid 12 percent.
  • And Pall Corp. (PLL), which makes purification equipment, fell 5 percent.
Elsewhere:
  • Kinder Morgan (KMI) lost ground after cancelling a $2 billion project to build an oil pipeline from Texas to California.
  • And Netflix (NFLX) gained nearly 2 percent after being added to the Nasdaq 100 index.
–Produced by Drew Trachtenberg


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andrew_macfreaney

Our top-5 biggest winners:
No.1: Motorola,
No.2: Chrysler FIAT Group,
No.3: Texas Instruments,
No.4: Chevrolet,
No.5: National Instruments.
Biggest loser: S.Korean Samsung.

June 03 2013 at 5:29 AM Report abuse rate up rate down Reply
SPQR

Why in gods name would donuts surge? They are rat poison

June 03 2013 at 1:06 AM Report abuse rate up rate down Reply
SPQR

Samsung wants Intel technology

June 03 2013 at 1:05 AM Report abuse rate up rate down Reply
SPQR

ebay will be gone by next year. You can buy the same products for less in stores now

June 03 2013 at 12:14 AM Report abuse rate up rate down Reply
Lonnie McVaigh

How about that Forbes article about LENR 3rd Party Validation of E-Cat?

June 02 2013 at 7:14 PM Report abuse rate up rate down Reply
rich_paddlyrich

MICHELLE BACHMAN IS THE EMBODIMENT OF THE DELIMMA FACING THE REPUBLICAN PARTY
From the article: "although more independents said they had a strongly unfavorable opinion than a favorable one." In other words: swing voters. This points to the horns of the Republican dilemma:
1. Republicans will never again elect a Republican president without swing voters. It's mathematically impossible. 2. Extremists Republicans like Michelle Bachmann are driving away swing voters, not just in their own campaigns but in Republican campaigns across the board. Top Republican campaign strategists have admitted this.
So although the Tea Party was essentially created behind the scenes by Republican power brokers, it's having a negative effect on the Republican Party as a whole. But it's too late to change that. The power brokers gave the Tea Party a voice and they will not surrender it. And that voice is leading to narrower margins at the polls and will continue to do so, unless mainstream Republicans start targeting Tea Party candidates and defeating them. But that might not work and could easily backfire on mainstream Republicans, who fear the Tea Party.
The Tea Party is a Frankenstein monster in the sense that it is no longer under anyone's control. And no conservatives know how to regain control over it. So I'm afraid that the Republican Party can look forward to incrementally dwindling margins across the board in the foreseeable future, and there's not much they can dod about it.

June 02 2013 at 5:45 PM Report abuse -6 rate up rate down Reply
rich_paddlyrich

MICHELLE BACHMAN IS THE EMBODIMENT OF THE DELIMMA FACING THE REPUBLICAN PARTY
From the article: "although more independents said they had a strongly unfavorable opinion than a favorable one." In other words: swing voters. This points to the horns of the Republican dilemma:
1. Republicans will never again elect a Republican president without swing voters. It's mathematically impossible. 2. Extremists Republicans like Michelle Bachmann are driving away swing voters, not just in their own campaigns but in Republican campaigns across the board. Top Republican campaign strategists have admitted this.
So although the Tea Party was essentially created behind the scenes by Republican power brokers, it's having a negative effect on the Republican Party as a whole. But it's too late to change that. The power brokers gave the Tea Party a voice and they will not surrender it. And that voice is leading to narrower margins at the polls and will continue to do so, unless mainstream Republicans start targeting Tea Party candidates and defeating them. But that might not work and could easily backfire on mainstream Republicans, who fear the Tea Party.
The Tea Party is a Frankenstein monster in the sense that it is no longer under anyone's control. And no conservatives know how to regain control over it. So I'm afraid that the Republican Party can look forward to incrementally dwindling margins across the board in the foreseeable future, and there's not much they can dod about it.

June 02 2013 at 5:45 PM Report abuse -4 rate up rate down Reply
kolblh

If you're not intelligent enough to comment on the subject, which is the stock market, then go back to watching cartoons.

June 02 2013 at 4:38 PM Report abuse -5 rate up rate down Reply
kolblh

Long-term growth is on an unsustainable path. The balloon is starting a slow leak.

June 02 2013 at 4:28 PM Report abuse +2 rate up rate down Reply
caboranches

"BENGHAZI"~"BENGHAZI"~"BENGHAZI"~"BENGHAZI"

June 02 2013 at 11:11 AM Report abuse +1 rate up rate down Reply