U.S. shares were lower in late-morning trading today, following a steep sell-off in China and other global markets. The S&P 500 (INDEXSP:.INX) slipped 0.5 percent to 2,068.88 at 11:44 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) sank 0.7 percent to 17,440.59, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) declined 0.8 percent to 5,046.96. Most followed shares included Teva, Allergan, Mylan, Delta, Norfolk Southern, McGraw Hill, Box, Qualcomm, Amazon.com, Fiat Chrysler, and Beacon Roofing Supply.
In health-care shares, ADRS of Teva Pharmaceutical (NYSE:TEVA) jumped 12.9 percent to $69.80 after it agreed to buy Allergan (NYSE:AGN) generic drugs business for $40.5 billion, giving up on its bid to buy Mylan (NASDAQ:MYL). Allergan was up 6.8 percent to $328.78 while Mylan fell 13.4 percent to $57.81.
In industrials, Norfolk Southern (NYSE:NSC) rose 0.7 percent to $83.52 as U.S. railroad Norfolk Southern reported a lower quarterly net profit that was hurt by a steep decline in coal freight shipments and falling fuel surcharge revenue.
Delta Air Lines (NYSE:DAL) retreated 0.4 percent to $43.93. Delta will take a 3.55 percent stake in China Eastern Airlines for $450 million.
In financials, UBS (NYSE:UBS) skidded 1.1 percent to $22.08 after the Swiss bank was prompted to release quarterly results early due to an erroneous media report. Second-quarter net profit beat expectations. The bank posted its numbers a day earlier than scheduled, to correct what it called "misleading information" that had appeared in a Swiss weekly newspaper over the weekend.
McGraw Hill Financial (NYSE:MHFI) sank 6.3 percent to $98.90. The parent of Standard and Poor's announced a deal to buy SNL Financial for $2.225 billion in cash. SNL specializes in data and analytic services for the financial industry.
In technology stocks, Box (NYSE:BOX) rose 2.3 percent to $16.66. Pacific Crest upgraded the cloud services provider's stock to "overweight," citing major customer additions and new partnerships.
Qualcomm (NASDAQ:QCOM) rose 0.8 percent to $62.14. Morgan Stanley upgraded the chip maker to "overweight," saying the market has become too pessimistic and that Qualcomm's recent cost cutting moves and new product releases are sources of momentum for the company and the stock.
In consumer shares, Amazon.com (NASDAQ:AMZN) added 1.6 percent to $537.60. The online retail giant plans to open its first drive-through grocery store in Silicon Valley, according to London's Sunday Telegraph newspaper.
Fiat Chrysler (NYSE:FCAU) decreased 4.5 percent to $14.47 at $15.15 after the U.S. auto safety watchdog, National Highway Traffic Safety Administration (NHTSA), announced a $105 million fine against the automaker over lapses in its safety recalls. The agreement contains a buyback option covering thousands of vehicles, something that had never been part of any previous NHTSA cases.
Beacon Roofing Supply (NASDAQ:BECN) rose 8.1 percent to $32.50. The Herndon, Virginia-based company announced plans to buy privately-held Roofing Supply Group for $1.1 billion in cash and stock, a move to expand the roofer’s geographic reach.