Stocks Opened Lower amid Earnings, Data

U.S. stocks opened slightly lower on Tuesday as investors digested a slew of earnings reports and better-than-expected housing data. The Dow Jones Industrial Average lately fell 62.57 points, or 0.36%, to 7,167.97. The S&P 500 was off 1.20 points, or 0.06%, to 2,032.46. The Nasdaq Composite was down 5.53 points, or 0.11%, to 4,899.94.

U.S. housing starts rose to a nearly an eight-year high in September as builders ramped up construction of apartments. Construction of new homes increased 6.5% to a seasonally adjusted annual pace of 1.21 million units in September.

Tim Cook, chief executive officer of Apple, has warned that the global automobile industry is on the brink of a technology-led upheaval, in his most direct public comments yet addressing reports that the iPhone maker is planning to start making its own cars.

Amazon plans to hire 100,000 people for the holidays, a 25 percent jump from last year. The online retailer said Tuesday that it will be hiring across the country for jobs in its fulfillment and sorting facilities.

Yum Brands Inc., once one of the biggest success stories among foreign companies in China, plans to spin off its China business after years of unsuccessful efforts to get it back on track.

Harley-Davidson Inc., the motorcycle seller, reported a third-quarter profit that missed expectations and cut its full-year motorcycle shipment forecast. Earnings for the quarter ended Sept. 27 came in at $140.3 million, or 69 cents a share, from $150.1 million, or 69 cents a share, in the same period a year ago.

AmSurg Corp., a provider of outsourced physician services to hospitals and others, is seeking to combine with Team Health Holdings Inc. in an effort to gain scale amid a wave of consolidation in the health-care industry.






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