Stocks backed off records as stronger-than-expected economic data and hawkish commentary from the Federal Reserve's William Dudley increased the chances of a near-term rate hike. July housing starts and industrial production topped estimates earlier in the day. Dick's Sporting Goods (DKS - Get Report) rose after besting quarterly estimates and issuing upbeat current-quarter guidance. The sports retailer also reported a surprise increase in same-store sales over its recent quarter. ValueAct Capital disclosed a $1.1 billion stake in Morgan Stanley (MS - Get Report) , around 2% of shares outstanding. The firm said it is not calling for any changes and believes the stock is undervalued. Hain Celestial (HAIN - Get Report) tanked after being hit with downgrades at Piper Jaffray, Wedbush and Barclays. Hain delayed the release of its full-year results and announced accounting concerns overnight.
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