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NEW YORK (AP) — Stocks are pulling back in early trading, led by declines in materials and energy companies. Chesapeake Energy and Southwestern Energy each fell 9 percent in the first minutes of trading this morning. Traders were also discouraged by weak trade figures from China. The Dow Jones industrial average fell 111 points to 16,962 as of 10:10 a.m. Eastern time. The Standard and Poor's 500 index fell 17 points to 1,984. The Nasdaq composite gave up 36 points to 4,671. Benchmark U.S. crude fell 70 cents to $37.20 a barrel.
BEIJING (AP) — China's exports plunged 25 percent in February from a year earlier, as weak global demand and a business shutdown during the Lunar New Year holiday combined to depress sales. Analysts were expecting poor trade data because of the holiday, but the figure is a bigger miss than they'd thought. Customs data also shows imports fell 14 percent.
NEW YORK (AP) — A pair of activist investors is pushing for a board shakeup at United Continental. Altimeter Capital Management and PAR Capital Management say in a letter that they have asked the airline to add six nominees to the board, including former Continental Airlines CEO Gordon Bethune. Together, the investment firms have a 7 percent stake of United Continental Holdings. They went public with their effort after United expanded its board by three seats over the weekend, calling the move "a cynical attempt to preserve power."
CORAOPOLIS, Pa. (AP) — Dick's Sporting Goods fiscal fourth-quarter performance missed Wall Street's view as warmer-than-usual winter weather crimped the sporting goods retailer's sales. It also provided guidance below analysts' estimates. The stock dropped almost 5 percent on the news in premarket trading. Many people are wondering how Dick's will fare now that rival Sports Authority has filed for Chapter 11 bankruptcy protection.
MOSCOW (AP) — Three of Maria Sharapova's major sponsors are cutting ties with the Russian tennis star after she acknowledged failing a doping test at the Australian Open. Nike, Porsche and Swiss watch brand Tag Heuer have distanced themselves from the five-time Grand Slam winner since her Monday admission.
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