US Stocks Lower in Early Trade

US Stocks Lower in Early Trade

NEW YORK (AP) -- Stocks are edging lower Thursday morning, giving back some of the gains they made the day before. The U.S. government said economic growth in the third quarter was slower than expected. Camera maker GoPro plunged after reporting weak earnings.

THE EARLY SCORE: The Dow Jones industrial average slipped 26 points, or 0.2 percent, to 17,753 as of 10:12 a.m. Eastern time. The Standard & Poor's 500 index fell two points, or 0.1 percent, to 2,088. The Nasdaq composite gave up 14 points, or 0.3 percent, to 5,081.

SLOWDOWN: The U.S. economy slowed sharply in the summer as businesses cut back on their stockpiling of goods, which offset strength in consumer spending. The growth was a bit slower than analysts expected. In its initial estimate the Commerce Department said the economy, as measured by gross domestic product, grew at a tepid annual rate of 1.5 percent. Analysts had forecast growth of 1.7 percent.

MISSED: Several companies dropped after reporting weak earnings. Wearable camera maker GoPro slumped $4.71, or 15.6 percent, to $25.50 after it reported disappointing results for its most recent quarter. Buffalo Wild Wings skidded $27.92, or 15.1 percent, to $156.48 after the restaurant chain's profit and sales fell short of expectations.

ANOTHER DROP: Computer networking company F5 Networks fell after reporting disappointing fourth-quarter revenue. Its projections for its first fiscal quarter were lower than analysts expected. The stock lost $9.17, or 7.6 percent, to $112.17.

SOFTWEAR SALES: Hanesbrands rose after the maker of underwear, socks and t-shirts announced strong third-quarter results and raised its profit estimate for the year. The stock gained $2.17, or 7.9 percent, to $29.77.

BIG PHARMA TALKS: Allergan, which makes Botox, jumped 8 percent after saying it has held talks with Pfizer about a sale. Both companies have long history of deal-making. About 18 months ago Pfizer tried to buy AstraZeneca. Allergan jumped $23.32 to $310.14.

ENERGY: U.S. crude added 66 cents, or 1.4 percent, to $46.61 a barrel in New York. Brent crude, which is used to price international oils, rose 20 cents, or 0.4 percent, to $49.22 a barrel in London.

OVERSEAS: Britain's FTSE lost 0.9 percent and France's CAC 40 shed 0.6 percent. Germany's DAX was down 0.2 percent.

BONDS, CURRENCIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.13 percent from 2.10 percent late Wednesday. The dollar slipped to 121.14 yen from 121.23 yen. The euro rose to $1.0948 from $1.0909.

(BAS)