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Failed Mergers and Geopolitical Tensions Weigh on Stocks at Open

TheStreet

U.S. stocks opened lower Wednesday on weak economic news from Europe and rising tensions with Russia and Ukraine. Stock futures trimmed some of their losses after a report showing the U.S. trade deficit unexpectedly narrowed in June. Failed merger news is also pushing stocks lower. Sprint (S) abandoned its bid to acquire T-Mobile (TMUS). This would have created a rival to Verizon (VZ). Regulatory challenges of the deal are believed to have stopped Sprint's pursuit. Sprint also announced that it will replace its CEO. Rupert Murdoch's 21st Century Fox (FOXA) withdrew its $80 billion bid for Time Warner (TWX) late Tuesday. Walgreen (WAG) shares fell sharply in pre-market trading after disappointing investors by staying based in the U.S. TheStreet's Susannah Lee reports from Wall Street.