Facebook slapped with big EU fine, Fiat Chrysler heads in reverse, Cisco slides

Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today.

Dow component Cisco Systems (CSCO) put some pressure on the Blue Chip Index this morning as shares tumble in early trading. The networking equipment maker gave a disappointing outlook for the current quarter as it continues to struggle with declining revenue. Cisco also said it would lay off an additional 1,100 workers. That’s on top of the 5,500 job cuts it announced last August.

Fiat Chrysler (FCAU) shares headed in reverse following news that the US Justice Department is preparing to sue the automaker over excess diesel emissions. This comes after the EPA accused Fiat in January of using software to allow more than the legally allowed amount of emissions in some of its vehicles.

Ascena Retail Group (ASNA) stock plunged in early trading. The parent company of Ann Taylor, Lane Bryant and other brands slashed its profit and revenue guidance for the current quarter and the full year. The company said it no longer expects traffic to stabilize and that market conditions are likely to remain challenging for the next one to two years.

Pandora (P) stock surged in early trading after the New York Post reported that Sirius XM (SIRI) is in active discussions with banks to make a bid for the struggling online radio company.

Facebook (FB) is grabbing headlines this morning after the social media giant got slapped with a $122 million fine by the European Commission for allegedly giving “misleading information” during its 2014 takeover of WhatsApp. At the time, Facebook told the commission it would not be able to match user accounts on both platforms, but went on to do exactly that. Facebook says the error was “unintentional” and that the fine “brings this matter to a close.”