Stocks edge lower in early trade; Lululemon drops

Associated Press
FILE - In this Friday, Jan. 10, 2014, file photo, specialist Jason Hardzewicz, left, and trader Michael Zicchinolfi work on the floor of the New York Stock Exchange. U.S. stock futures were lower shortly before the opening bell, Monday, Jan. 13, 2014, on a week where the pace of company earnings reports picks up. (AP Photo/Richard Drew, File)

NEW YORK (AP) — Stocks are slightly lower in early trading on Wall Street as the pace of corporate earnings reports picks up.

The Dow Jones industrial average was down 30 points, or 0.2 percent, at 16,407 in the first few minutes of trading Monday.

The Standard & Poor's 500 index was down two points, or 0.1 percent, at 1,840. The Nasdaq composite was down three points, or 0.1 percent, at 4,170.

Lululemon, the high-end yoga apparel maker, slumped 15 percent after saying sales have dropped off in January and that its fourth-quarter results will be lower than analysts had expected.

Beam, the maker of Jim Beam, Maker's Mark and other liquors, jumped 24 after saying it had agreed to be acquired by Japan's Suntory for about $14 billion.