Page 25 - ARUBA TODAY

BUSINESS Wednesday 14 March 2018
A25

Stocks sink as technology rally fades; Qualcomm drops

mental to national security. The Russell 2000 index of
The Dow Jones industrial smaller-company stocks
average climbed as much sank 9 points, or 0.6 per-
as 197 points in early trad- cent, to 1,592.05. Qual-
ing after investors were comm is one of the biggest
pleased with a Labor makers of processors that
Department report that power smartphones and
showed inflation remained other mobile devices. The
in check last month. But the deal would have been the
gains soon faded. largest in the history of the
Technology stocks were at technology industry and
record highs after a recent Broadcom’s offer came
rally. While Qualcomm had as other countries are also
rejected all of Broadcom’s getting ready to build fast-
offers, investors are now er “5G” wireless networks.
wondering if other deals Trump’s decision followed a
might also be blocked or if recommendation from the
companies will hesitate be- Committee for Foreign In-
fore making bids for over- vestment in the U.S., which
seas competitors. said Broadcom might cut
“I don’t think we’ve started back on research and de-
Trader Ronald Madarasz works on the floor of the New York Stock Exchange. A seven-day surge to price in protectionism velopment spending.
in technology stocks ended Tuesday after President Donald Trump blocked Broadcom’s effort to on a broader level,” said Qualcomm slid $3.11, or 5
buy Qualcomm. Gina Martin Adams, chief percent, to $59.07. Broad-
(AP Photo/Richard Drew) equity strategist for Bloom- com rose more than 3
By MARLEY JAY stocks ended Tuesday af- effort to buy Qualcomm. berg Intelligence. The S&P percent early on but fin-
AP Markets Writer ter President Donald Trump Trump said he opposed the 500 index lost 17.71 points, ished with a loss of $1.62
NEW YORK (AP) — A seven- blocked Singapore-based $117 billion deal because or 0.6 percent, to 2,765.31. to $261.22. Intel, a com-
day surge in technology chipmaker Broadcom’s it could have been detri- The Dow Jones industrial petitor, added 26 cents to
average slid 171.58 points, $51.78. The Wall Street Jour-
Dick’s: new gun policy will impact sales or 0.7 percent, to 25,007.03. nal reported Friday that
The Nasdaq composite fell Intel wanted to stop the
CORAOPOLIS, Pa. (AP) — when, in the aftermath of a barometer of a retailer’s 77.31 points, or 1 percent, deal and might try to buy
Dick’s Sporting Goods on a school massacre in Park- health as it excludes the to 7,511.01, its first decline Broadcom to make that
Tuesday reported disap- land, Florida, it banned the volatility of stores recently after seven straight gains. happen.q
pointing holiday sales num- sale of assault-style rifles opened or closed.
bers in part due to weak and the sale of all guns to To try and improve sales,
demand for one-time hot anyone under 21. Other CEO Edward Stack said the
brands like Under Armour. retailers followed suit, in- company will give more
The company’s CEO also cluding Walmart, which store space to its private-
said recent changes to its also raised its minimum age label brands, such as Sec-
firearm policies, ending rules for firearms. ond Skin workout apparel.
the sale of guns to anyone Sales fell 2 percent at es- Its store brands are grow-
under 21, will hurt future tablished stores during the ing faster than others, and
sales and may cause few- fourth quarter, which was Stack expects them to sur-
er shoppers to come to its about double the decline pass $2 billion in sales in a
stores. that Wall Street was ex- “short period of time,” but
Last month, Dick’s stepped pecting. Industry analysts did not give an exact time
into the national spotlight watch that figure closely as for that to happen.q