BUZZ-U.S. Stocks on the Move- Energy stocks, MOL Global, Hubbell
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U.S. stocks slid on Thursday, erasing the previous session's sharp rally, on lingering concern about the strength of the global economy and after a Federal Reserve official said market views on rate hikes are at odds with the central bank's. The Dow Jones industrial average was down 1.79 percent at 16,690.14, the S&P 500 was down 1.79 percent at 1,933.63 and the Nasdaq Composite was down 1.87 percent at 4,385.09.
** GAP INC, $36.76, -12.27 pct
The apparel retailer's CEO Glenn Murphy will retire in February and hand over the reins of the company to its digital business head Art Peck.
The company's September same-store sales were flat, hurt by weak sales at the Gap brand, compared with analysts' expectations of a 1.1 percent rise. At least three brokerages cut their ratings on the stock to "hold" on Thursday.
"The inflection at the Gap brand is not progressing as we expected, leading to significant pressure on both sales and margins. Making matters worse, CEO Glenn Murphy announced his resignation," Sterne Agee analysts said.
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