Stocks Opened Lower; EMC Jumped

U.S. stocks opened lower on Monday as headlines from Gaza and Russia were weighing on markets. The Dow Jones Industrial Average lately dropped 66.15 points, or 0.39%, to 17,034.03. The S&P 500 was off 6.14 points, or 0.31%, to 1,972.08. The Nasdaq Composite was down 12.25 points, or 0.28%, to 4,419.90.

Elliott Management Corp. has taken a stake of more than $1 billion in EMC Corp. and plans to push the data- storage giant to break itself apart, according to people familiar with the matter.

McDonald’s and KFC-parent Yum apologized to customers on Monday after Chinese regulators shut a local meat supplier following a TV report that showed workers picking up meat from a factory floor, as well as mixing meat beyond its expiration date with fresh meat. The firms said they’ll stop using the supplier.

Allergan Inc (AGN.N), which is fighting off a hostile bid from Valeant Pharmaceuticals International Inc (VRX.TO), on Monday announced 1,500 jobs cuts as part of a $475 million restructuring meant to boost profits over the next six years.

Halliburton Co (HAL.N), the world’s No.2 oilfield services provider, said it expect higher margins in North America in the current quarter due to strong drilling activity, signaling an industry-wide recovery in the region after a two-year slump.

BB&T Corp., one of the largest lenders in the southeastern U.S., reported second-quarter earnings that missed analysts’ estimates as the bank’s top line declined. The Winston-Salem, N.C.-based bank’s profit fell to $425 million from $547 million a year earlier. On a per-share basis, the bank earned 58 cents compared with 77 cents a year earlier. Revenue decreased 7.5% to $2.31 billion.

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