Frederic Cumenal
New York: Shares of Tiffany fell early Monday following news its chief executive had stepped down and US stocks pulled back after the surge late last week.
Tiffany shares lost 2.2 percent after announcing over the weekend that Frederic Cumenal had departed as chief executive and would be replaced on an interim basis by chairman and former chief executive Michael Kowalski.
The move comes as the jeweller with the baby blue boxes faces challenges in its home market, including in its Fifth Avenue flagship in New York City where sales have been depressed by proximity to the Trump Tower, which is surrounded by security for the new US president.
About 15 minutes into trading, the Dow Jones Industrial Average stood at 20.061.21, down 0.1 percent.
The broad-based S&P 500 was off 0.2 percent to 2,293.09, while the tech-rich Nasdaq Composite Index shed 0.2 percent to 5,653.22.
Analysts said the subdued performance of the broader market was not surprising after US stocks rallied Friday following a solid jobs report and news the Trump administration was planning to loosen banking regulations enacted after the 2008 financial crisis.
This week's calendar of earnings includes Coca-Cola, General Motors and Expedia.
Toy company Hasbro leaped 15.2 percent after reporting a 10 percent jump in fourth-quarter net income to $192.7 million.
Tyson Foods climbed 2.3 percent as it reported first-quarter profit of $593 million, up 28.6 percent from the year-ago period. It raised its full-year forecast due to strong sales of beef and pork products.
