BUZZ-U.S. STOCKS ON THE MOVE-Microsoft, Perficient, Chinese stocks
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U.S. stocks fell more than 1 percent on Wednesday, pushing the bluechip Dow Jones Industrial average back into negative territory for the year, as the slide in Chinese markets spurred concerns over the impact on the global economy. The Dow Jones industrial average was down 1.00 percent at 17,598.36, the S&P 500 was down 1.09 percent at 2,058.72 and the Nasdaq Composite was down 1.16 percent at 4,939.629.
** MICROSOFT CORP, $44.597, +0.67 pct
The world's largest software company said it would cut 7,800 jobs, mostly in its phone hardware business, to reduce costs and streamline its operations.
** TESLA MOTORS INC, $258.98, -3.32 pct
Analysts at Pacific Crest cut their rating on the company's stock to "sector weight" from "overweight" on valuation.
"From root-level technology and manufacturing all the way to sales and marketing, Tesla's differentiation relative to its peer group is nothing short of total," analyst Brad Erickson wrote in a note. "We simply believe the stock price now more fully reflects these core attributes," he added. Continued...