Stocks lower…Factory orders continue to rise…Automakers make sales gains

NEW YORK (AP) — Stocks are pulling back in early trading. The Dow and the S&P 500 are retreating from new closing highs set yesterday. Among the big movers is Krispy Kreme Doughnuts. Its shares are down 13 percent after the company cut its earnings forecast for this year, citing higher costs and fewer sales than previously estimated.

WASHINGTON (AP) — Orders to U.S. factories rose for a third consecutive month in April. Analysts say its evidence that manufacturing is regaining momentum after a harsh winter. The Commerce Department says orders increased 0.7 percent driven in part by a surge in demand for military hardware.

DETROIT (AP) — Automakers are releasing May sales figures this morning. Chrysler reports a 17 percent increase, with sales boosted by strong demand for the new Jeep Cherokee small SUV., Nissan’s U.S. sales jumped 19 percent, while General Motors had a 13 percent gain despite its recall crisis. Ford’s sales rose just 3 percent, as a cutback on incentives dragged truck sales down.

WASHINGTON (AP) — Home prices were up again in April, but the increase was the smallest annual gain in more than a year. CoreLogic says prices rose 10.5 percent compared with April last year. That is a healthy gain, but it continues downward trend. On a month-to-month basis, April prices rose more than 2 percent. Price gains have slowed this year as sales have faltered.

NEW YORK (AP) — Two meat processing heavyweights are engaged in a bidding war for the maker of Jimmy Dean sausages and Ball Park hot dogs. Hillshire Brands says it’s holding separate talks with Pilgrim’s Pride and Tyson Foods. Yesterday, Pilgrim’s Pride raised its bid to $55 per share, or $6.8 billion for Hillshire. That tops the $6.2 billion offer Tyson made last week.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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