Stocks Opened Lower; Retail Sales Disappointed

U.S. stocks opened lower on Friday as downbeat outlooks from retailers weighed on sentiment. The Dow Jones Industrial Average lately shed 71.15 points, or 0.41%, to 17,376.92. The S&P 500 fell 8.07 points, or 0.39%, to 2,037.90. The Nasdaq Composite was down 30.93 points, or 0.62%, to 4,974.15.

U.S. retail sales rose less than expected in October amid a surprise decline in automobile purchases, suggesting a slowdown in consumer spending that could temper expectations of a strong pickup in fourth-quarter economic growth. The Commerce Department said retail sales edged up 0.1 percent last month after being unchanged in September.

Mylan NV failed to attract a majority of Perrigo Co. shareholders by a Friday deadline for its $26 billion unsolicited offer to acquire the over-the-counter drugmaker. About 40 percent of Perrigo holders tendered their shares, Mylan said in a statement Friday, short of the 50 percent needed to go ahead.

J.C. Penney Co Inc (JCP.N) reported better-than-expected quarterly net sales and a smaller-than-expected loss, helped by demand for home products and footwear and a strong performance by the growing number of Sephora beauty shops in its stores. The retailer’s net loss narrowed to $137 million, or 45 cents per share, in the third quarter ended Oct. 31, from $188 million, or 62 cents per share, a year earlier.