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Stocks Slip in Early Trade

Tuesday, October 8, 2013 9:52 AM
Stocks were down in early-trade on Tuesday as the policy logjam in Washington pushed the shutdown to its sixth day. Earlier on Monday, President Obama said that he would support a stop-gap solution, which would allow the Treasury to raise its borrowing limit and prevent U.S. sovereign default; separately one influential senator is believed to preparing a draft, which calls for some spending cuts and reforming tax laws as part of broader deal, according to Reuters. At last check, the Dow Jones edged down 0.22%; the NASDAQ Composite Index lost 0.13% while the S&P 500 Index slipped 0.17%. Shares of J C Penney & Company (NYSE: JCP) gained sharply in early-trade. J C Penney said in a statement that although it is still in its early stage of turnaround plans, sales results were showing improvement. The retailer also expects to end the current fiscal year with cash-in-hand of more than $2 billion. Activist investor, Carl Icahn tweeted on Tuesday that has reached an agreement with Nuance Communications Inc. (NASDAQ: NUAN) under which the company will allow the billionaire to choose two nominees for two board seats. Shares of McKesson Corporation (NYSE: MCK) climbed about 6% in early trade after the company said that it was in final stages of talks to acquire German drug distributor Celesio in deal valued at $ 5 billion, according to Dow Jones. The report said that the deal could be announced in coming days. Yum! Brands Inc. (NYSE: YUM) and Alcoa Inc. (NYSE: AA) are expected to report quarterly results after the market close.
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