Stocks Opened Lower as Greece Rejected Bailout Terms

U.S. stocks opened lower on Monday after Greece rejected debt bailout terms, increasing the uncertainty over the future of the country’s euro zone membership. The Dow Jones industrial average lately fell 104.32 points, or 0.59%, to 17,625.79. The S&P 500 lost 10.28 points, or 0.49%, to 2,066.50 and the Nasdaq Composite dropped 22.24 points, or 0.44%, to 4,986.98.

Yanis Varoufakis quit as Greek finance minister, a move intended to help speed talks with creditors after voters rejected further austerity and escalated tension over the country’s place in the euro.

Oil prices fell more than 3 percent on Monday after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets. Benchmark Brent crude oil fell $2.04 a barrel to a low of $58.28 before recovering a little to around $58.75 by 1145 GMT.

Weight Watchers (WTW) shares are up 24.94% to $5.11 in pre-market trading on Monday as an unnamed activist hedge fund has shown interest in acquiring the weight loss company, according to the New York Post.

Struggling teen clothing retailer American Apparel Inc (APP.A) said it may need to raise more capital in the next 12 months as part of a new restructuring plan aimed at cutting costs. The company, which is being sued by founder and former CEO Dov Charney, said its plan aims to cut costs by about $30 million over the next 18 months by cutting jobs and closing stores.

Seritage Growth Properties (SRG) , the real estate spinoff of Sears Holdings Corp.(SHLD) , estimated Monday that it will receive about $1.6 billion from its rights offering and will begin trading today on the New York Stock Exchange.

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