U.S. Stocks Open Lower as Personal Income and Spending Climb

U.S. stocks opened lower Friday as personal income and spending both rose in July. Analysts say Americans are using the money saved from falling gas prices and spending it elsewhere. Smith & Wesson (SWHC) shares are getting a boost after the firearms company said sales exceeded expectations. It rose its forecast for the year ending April 2016 as well. Mylan (MYL) shareholders approved a stock sale that would be used to purchase Perrigo (PRGO), which was a big step toward the deal actually going through. El Pollo Loco (LOCO) was upgraded at Stifel Nicklaus on attractive valuation. Investors pulled a record amount of money out of stock funds in the week as of Wednesday, according to Bank of America-Merrill Lynch. Equity funds saw $29.5 billion head for the exits, the largest weekly outflow since 2002. The Pentagon is teaming with Apple (AAPL), Boeing (BA) and Harvard to develop high tech sensory gear that can be flexible enough to be worn by people or molded onto the outside of a jet.