U.S. stocks took a step back on Monday on worries the strong dollar and lower oil prices could hurt corporate results. Bobbi Rebell reports.
A tough start to the week for U.S. stocks coming off three straight sessions of gains. Fears have been rising that the strong dollar and lower oil prices will hurt U.S. first quarter earnings. And after the closing bell, shares of Norfolk Southern dropped after the company issued an earnings warning. Barnes & Noble shares jumped higher. Craig-Hallum Capital started coverage with a "buy" rating and a $36 price target. It says investors underestimate the value of the book retailer's textbooks business, which will be spun off this summer. Netflix the biggest winner on the S&P 500 on an upgrade by UBS to "buy" from "neutral." UBS says it's confident the video streaming company will see faster growth of international subscribers and sufficiently access content despite concerns studios will refrain from selling them content. GE shares fell after gaining 11 percent Friday on its move to drastically shrink its finance unit, GE Capital, and sell off the bulk of that unit's real estate assets. General Electric was the Dow's biggest loser. Reuters has learned that Symantec has been looking to sell its storage software business, Veritas, or the entire company. But sources say potential buyers have shown limited interest. The security software maker's shares took the steepest fall among S&P 500 stocks. And Apple stock was relatively flat. Various early reports said pre-orders of its Apple Watch were strong when they began on Friday. Mixed results in Europe. Weak Chinese trade data stalled the recent rally. But M&A activity helped lift some shares.