Opening Bell Report
Amid ongoing uncertainty in the financial services sector, the markets opened lower as August retail sales fell. The Dow dropped more than 100 points to 11,325 while Nasdaq lost 20 points to 2237.
On the upside
Shares of Ford Motor (NYSE: F) rose after its Volvo car unit accelerated the timetable for job cuts.
Spain's Telefonica announced plans to offer nearly $1 billion to buy the remainder of Telefonica Chile (NYSE: CTC).
On the downside
Restaurant chain Chipotle Mexican Grill (NYSE: CMG) blamed the weak economy and rising costs for lower same-store sales and lowered its 3rd quarter outlook.
Rumors swirled about possible buyers for Lehman Brothers (NYSE: LEH) whose shares continued to fall as investors anticipated a nominal price for the entire company.
Shares of insurance giant American International Group (NYSE: AIG) dropped sharply to weigh down the Dow.
In the broad market, declining issues outpaced advancers by a margin
of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000
which tracks small cap stocks lost 6 points to 712.
