NEW YORK (AP) – U.S. stocks are edging lower in early trading Thursday as banks, technology and health companies fall. Prescription drug distributor AmerisourceBergen and women’s health diagnostic company Hologic tumbled, while a solid quarter from cereal maker Kellogg helped makers of food and household goods move higher.
KEEPING SCORE: The Standard & Poor’s 500 index dropped 6 points, or 0.3 percent, to 2,471 as of 10 a.m. Eastern time. The Dow Jones industrial average shed 22 points, or 0.1 percent, to 21,994. The 30-company index has risen for seven consecutive days, setting records over that time and closing above 22,000 for the first time on Wednesday. The Nasdaq composite lost 14 points, or 0.2 percent, to 6,348. The Russell 2000 was unchanged at 1,412 after a sharp loss a day ago.
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 $2.79, or 4.1 percent, to $70.23.
ELECTRIFYING: Electric car maker Tesla said it’s confident it can meet its production goals for its new Model 3 sedan, which will cost less than its previous cars. It aims to make 10,000 a week by next year. The company also took a smaller net loss than investors expected. Its shares gained $18.23, or 5.6 percent, to $344.21.
HEALTH CARE: AmerisourceBergen slumped $6.60, or 7.2 percent, to $84.67 after it said it expects slower revenue growth this year. Prescription drug distributors have struggled lately as the prices of generic drugs fall, and branded-drug prices don’t rise as quickly as they have in the past. Rival Cardinal Health lost 8.2 percent Wednesday after its quarterly report.