Stocks Opened Lower as World Bank Cut Growth Forecast

U.S. stocks opened lower on Wednesday, as a cut in a global growth forecast by the World Bank
weighed on sentiment. The Dow Jones Industrial Average lately fell 64.12 points, or 0.38%, to
16,881.80. The S&P 500 was down 5.49 points, or 0.28%, to 1,945.30. The Nasdaq Composite shed 7.68 points, or 0.18%, to 4,330.31.

World Bank trimmed its global growth forecast to 2.8% for the year, from its 3.2% forecast in
January. Still, growth in the U.S. and Europe will accelerate this year as the effect from
government spending cuts recedes, labor markets improve, and pent-up demand starts to flow through high-income economies, the bank said in its Global Economic Prospects report.

H&R Block Inc. shares (HRB) reported stronger-than-expected profit and revenue for its fiscal
fourth quarter. H&R Block said it earned $909.9 million, or $3.29 a share, in the quarter, up from $644.3 million, or $2.42 a share, in the same period a year ago. Revenue totaled $2.56 billion, up from $2.20 billion a year ago.

Alibaba Group Holding Ltd [IPO-ALIB.N] will fully acquire mobile browser firm UCWeb in the biggest merger in Chinese internet history, upping the stakes in its battle with arch-rivals Tencent and Baidu.

Blackstone Group LP plans to trim its stake in Hilton Worldwide Holdings Inc. by as many as 103.5 million shares, the hotelier said in a regulatory filing Wednesday. The sale could reduce the private-equity firm’s stake in Hilton from about 76% to just shy of 66%, according to the filing.

Airbus Group NV said Wednesday that Emirates Airline has canceled an order for 70 A350 long-range jets. The deal has a combined value of $21.6 billion at current list prices.