Closing Bell: Perrigo Cuts Full-Year Guidance; U.S. Stocks Slip

U.S. stocks edged back from records highs set last week as resurfacing supply worries took a chunk out of crude prices. Oil ended at a one-week low after an unexpected increase in inventories. Michael Kors (KORS) slid as less mall traffic hurt sales in its recent quarter. The handbag retailer reported a more than seven percent drop in comparable-store sales over its June-ended quarter, though earnings did surpass lowered guidance issued in June. Perrigo (PRGO) - Get Report slumped after coming in short quarterly expectations, while slashing full-year guidance. The drugmaker reported a drop off in its consumer health division tied to weaker sales in its cough and cold category. SunPower (SPWR) - Get Report tumbled after detailing plans to cut 15 percent of its workforce and warning of weakness in its power plant business. The solar company also swung to a quarterly sharp loss.