Stocks Opened Lower after Weak China Trade Data

U.S. stocks opened lower on Tuesday after weak Chinese trade data reinforced views that the world’s second-largest economy was losing momentum. The Dow Jones industrial average lately fell 52.94 points, or 0.31%, to 17,078.92. The S&P 500 lost 5.80 points, or 0.29%, to 2,009.09. The Nasdaq composite dropped 12.15 points, or 0.25%, to 4,826.49.

China’s imports fell by an unexpectedly wide margin in September. Imports plunged 20.4 percent from a year earlier to $145.2 billion, customs data showed Tuesday, worse than August’s 5.5 percent decline and analysts’ expectations of about 15 percent.

Twitter Inc said it would lay off up to 336 employees, or about 8 percent of its global workforce, as part of a plan to streamline
operations.

EMC Corp (EMC.N) said it would pay Dell Inc [DI.UL] $2 billion if its about $67 billion deal with the world’s no. 3 computer maker is terminated for a “superior proposal” before Dec. 12.

Drugmaker Johnson & Johnson said it would buy back up to $10 billion of common stock over time. The company said on Tuesday it had about 2.77 billion shares of common stock outstanding as of Sept. 27.

Johnson & Johnson Inc. beat earnings expectations and raised its outlook. Johnson & Johnson reported net income of $3.36 billion, or $1.20 per share, below $4.75 billion, or $1.66 per share, in the year-earlier period.

SABMiller Plc shareholder Altria Group said it was pleased that the brewer was willing to accept larger rival Anheuser-Busch InBev’s new offer worth more than $100 billion. Cigarette maker Altria said on Tuesday it held about 27 percent stake in SABMiller.

General Electric Co. agreed on Tuesday to sell its commercial lending and leasing business—the largest remaining chunk of its U.S.
financial services operations—to Wells Fargo & Co.