NEW YORK (CNNMoney)
The S&P was down about 0.5% in early trading. So was the Dow, which works out to about a 100 point drop. The Nasdaq fell too, largely due to a more than 11% drop in Amazon (AMZN, Tech30) following its latest earnings. Here's what you need to know.
Amazonian drought: Amazon's sales jumped more than 20% but it also reported a $123 million loss. Some investors may be growing tired of Amazon's long history of quarters where it loses more than expected due to big investments.
The company has been spending a lot this quarter, unveiling products and services like the Fire TV, Fire Phone and Sunday delivery..
Related: See how Amazon compares to other companies in CNNMoney's Tech30
Fox aims sky-high: 21st Century Fox (FOXA) merged its BSkyB cable assets in Germany and Italy with BSkyB in England, freeing up $8.3 billion in cash. The market thinks that the money might be put to use to help Rupert Murdoch's Fox make a higher bid for Time Warner (TWX), which Fox has sought to buy for $80 billion. Time Warner turned down the offer. Fox and Time Warner shares were flat Friday.
Related: Time Warner shares skyrocketed when Murdoch's offer went public
IPO Loco: Today will be the first day of trading for El Pollo Loco (LOCO), whose shares priced at $15 per share, the higher end of its IPO range. The company has a lot of debt and isn't exactly Chipotle (CMG), but it has ambitious expansion plans and healthy IPO market behind it. Four other companies are due to debut Friday.
Related: Are healthy chicken and a tiny profit enough to take El Pollo Loco nationwide?
International Markets: Asian markets ended the day mixed, but Japanese stocks surged 1.13% after data shows inflation may finally be returning to the long-dormant economy. European stocks are broadly lower in afternoon trading, with the FTSE 100 down about 0.2%.
First Published: July 25, 2014: 9:57 AM ET
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