Housing starts rose more than expected in April but the markets opened lower with the Dow dropping 68 points to 17,641 as crude oil prices slipped. Nasdaq fell 16 points to 4,758.
On the upside
Hertz Global (NYSE: HTZ) chief executive John Tague bought 66,000 shares of company stock.
Akorn (Nasdaq: AKRX) reported higher first quarter earnings and revenue.
Corvex Management acquired a 9.9% stake in Pandora Media (NYSE: P) and urged the music streaming service explore a potential sale.
On the downside
Francesca's Holdings (Nasdaq: FRAN) chairman, president and chief executive Michael W. Barnes resigned effective immediately.
The Justice Department launched an investigation into Lending Club (NYSE: LC).
Office Depot (Nasdaq: ODP) extended its asset based credit facility and has engaged Bain & Co. to finalize a comprehensive strategic review of its business.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 lost 6 points to 2,060. Bitcoin eased a fraction to $453.
Lower open as crude oil slips
May 17, 2016 at 10:45 AM EDT
