Stocks Lower on Weak Quarterly Reports

Stocks Lower on Weak Quarterly Reports

NEW YORK (AP) -- U.S. stocks are falling Tuesday morning following weak fourth-quarter results from companies including UPS and Under Armour. Investors moved money into bonds and stocks that pay large dividends, like utilities. Stocks took losses a day earlier after President Donald Trump imposed a travel ban on seven Muslim-majority countries.

KEEPING SCORE: The Dow Jones industrial average fell 127 points, or 0.6 percent, to 19,845 as of 10 a.m. Eastern time. The Standard & Poor's 500 index lost 10 points, or 0.5 percent, to 2,270. The Nasdaq composite fell 29 points, or 0.5 percent, to 5,584. The Russell 2000 index of small-company stocks declined 4 points, or 0.3 percent, to 1,348.

SHOELACES UNTIED: Athletic apparel maker Under Armour is plunging after investors were disappointed with its fourth-quarter report, which included higher expenses. Under Armour's forecast for the current year also failed to excite investors, and the company said its chief financial officer is leaving. The stock tumbled $6.26, or 25 percent, to $18.83. It dropped 30 percent last year and is now trading at its lowest price since mid-2013. Shares of rival Nike also lost $1.32, or 2.5 percent, to $51.76.

RETURN TO SENDER: Package and delivery company UPS sank after it forecast an annual profit that was far smaller than analysts had expected. United Parcel Service expects to earn no more than $6.10 a share this year while FactSet says experts expected $6.15 per share on average. UPS gave up $7.39, or 6.3 percent, to $109.64 and FedEx fell $4.41, or 2.3 percent, to $188.85. That helped pull industrial companies lower.

EASED OFF THE THROTTLE: Harley-Davidson said it shipped fewer motorcycles in the fourth quarter and its profit and sales disappointed Wall Street. The company also said it expects shipments to be flat or down this year. Its stock shed $2.09, or 3.6 percent, to $55.83.

DRUG RULING DINGS TEVA: Teva Pharmaceutical Industries slumped after a court ruled that four patents protecting its multiple sclerosis drug Copaxone are not valid. Teva said it will appeal the ruling, which could help competitor Mylan launch a lower-priced version of a key product for Teva. Teva fell $2.18, or 6.3 percent, to $32.34 and Mylan gained 52 cents, or 1.4 percent, to $36.87.

POWER OF SCIENCE: Scientific instrument and lab supply company Thermo Fisher Scientific climbed $5.76, or 4 percent, to $149.05 after its net income and revenue in the fourth quarter beat of analyst estimates.

ENERGY: U.S. crude oil rose 51 cents, or 1 percent, to $53.15 a barrel in New York. Brent crude, the benchmark for international oil prices, added 63 cents, or 1.1 percent, to $55.95 a barrel in London.

BONDS: Bond prices inched higher. The yield on the 10-year Treasury note fell to 2.47 percent from 2.49 percent.

CURRENCIES: The dollar fell to 112.78 yen from 113.67 yen. The euro rose to $1.0770 from $1.0695.

OVERSEAS: The FTSE 100 index in Britain rose 0.4 percent and the CAC 40 of France rose 0.2 percent. Germany's DAX dipped 0.1 percent. Japan's benchmark Nikkei 225 dipped 1.7 percent after the Bank of Japan raised its growth estimates, which made the yen stronger. That hurts Japanese exporters, as it makes their goods more expensive in other markets. The South Korean Kospi lost 0.8 percent. Markets in Hong Kong, China and Taiwan were closed for Lunar New Year holidays.

(KA)