The Dow Jones Industrial Average and Standard & Poor’s 500 index were both off more than 0.5% at Monday’s open, at the start of another earnings week.
Shares of Gannett (GCI) saw the biggest decline on the S&P 500, falling more than 5% despite earnings that beat expectations and were well ahead of the prior year. However, the media company reported falling publishing advertising revenue.
Constellation Brands (STZ) and Anheuser-Bush InBev (BUD) were both down about 3% as investors digest the impact on both companies of the Justice Department’s decision to block the deals for Grupo Modelo‘s business. Anheuser-Busch was downgraded to Neutral by analysts at Bank of America Merrill Lynch this morning.
Tiffany (TIF) stock was down about 2.5% after falling 1.5% on Friday.
Not all companies are declining this morning: On the rise are shares of Decker Outdoor (DECK), up close to 4% in early trades. The maker of Ugg brand boots has seen its stock rise nearly 40% in the past three months.
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