Stocks Lower on Energy Cos, Oil Prices

NEW YORK (AP) -- U.S. stocks are slipping Wednesday morning as oil prices turn lower and energy companies fall with them. Auto parts makers and car companies are skidding after O'Reilly Automotive disclosed weak sales in the second quarter. Several companies used the Independence Day holiday break to announce deals.

KEEPING SCORE: The Standard & Poor's 500 index lost 5 points, or 0.2 percent, to 2,423 as of 10:15 a.m. Eastern time. The Dow Jones industrial average fell 65 points, or 0.3 percent, to 21,413. The Nasdaq composite declined 3 points, or 0.1 percent, to 6,106 as technology companies did better than the rest of the market. The Russell 2000 index of smaller-company stocks sank 11 points, or 0.8 percent, to 1,414. U.S. markets were closed Tuesday.

SIGN ON THE DOTTED LINE: Payment processor Vantiv will buy the U.K.'s Worldpay for about $10 billion. Worldpay allows businesses to accept credit cards and online payments, and it said Tuesday it was talking to Vantiv and JPMorgan about potential deals. It released a statement Wednesday saying the companies agreed on the key terms of an acquisition. Vantiv stock retreated $2.43, or 3.9 percent, to $60.08.

Monogram Residential, which owns and operates luxury apartment communities, climbed after it agreed to be bought by real estate company Greystar and a group of investors. The deal values Monogram at $12 a share, or about $2 billion, and also includes about $1 billion in debt. Monogram stock added $11.97, or 22.1 percent, to $11.97.

FALSE START: Auto parts maker O'Reilly Automotive said sales at its older locations fell over the last three months because of weak demand and the effects of a mild winter. The company had expected sales to improve in the second quarter, and Wall Street analysts had forecast growth as well. O'Reilly stock lost $36.58, or 16.6 percent, to $183.83 and is down 34 percent this year as investors worry about the effects of slowing car sales.

Advance Auto Parts gave up $13.32, or 11.3 percent, to $105.09 and Genuine Parts slid $3.68, or 3.9 percent, to $89.98. Car companies also fell, as Ford declined 24 cents, or 2.1 percent, to $11.32 while General Motors sagged 58 cents, or 1.6 percent, to $34.99. Automakers had rallied Monday after they reported their monthly sales.

ENERGY: Benchmark U.S. crude dropped $1.55, or 3.3 percent, to 45.52 a barrel in New York. Brent crude, used to price international oils, sank $1.33, or 2.7 percent, to $48.28 a barrel in London. U.S. crude reached an annual low in late June and then jumped 11 percent over the previous eight trading days.

Hess fell $2.18, or 4.8 percent, to $43.24 and Exxon Mobil shed $1.06, or 1.3 percent, to $81.04.

NORTH KOREAN MISSILE: Investors weren't much troubled by North Korea's first successful test of an intercontinental ballistic missile. The VIX, Wall Street's "fear gauge," inched higher as the U.S. and ally South Korea responded to the test by firing precision missiles into South Korean waters, and the United Nations Security Council was set to hold an emergency meeting.

BONDS: Bond prices edged higher. The yield on the 10-year Treasury note dipped to 2.33 percent from 2.35 percent late Monday.

CURRENCIES: The dollar declined to 113.31 yen from 113.39 yen. The euro fell to $1.1331 from $1.1358.

OVERSEAS: The CAC 40 of France gained 0.1 percent while Germany's DAX and the FTSE 100 index in Britain were unchanged. Japan's benchmark Nikkei 225 index gained 0.3 percent while the Kospi in South Korea added 0.3 percent. Hong Kong's Hang Seng rose 0.5 percent.

(KA)