Midday Report: Fossil Plummets on Disappointing Watch Sales

U.S. stocks were in decline as a rare quarterly miss from Walt Disney (DIS) - Get Report pulled the Dow lower. The retail sector was also selling off after Macy's (M) - Get Report reported a disappointing quarter and federal regulators blocked a proposed merger between Staples (SPLS) and Office Depot (ODP) - Get Report . Crude recovered a level above $45 a barrel and was well on its way toward $46 after an unexpected decline in domestic inventories. The EIA reported a drop of 3.4 million barrels of crude in the past week. Fossil Group (FOSL) - Get Report lost nearly a third of its value after slashing guidance for its second quarter. Electronic Arts (EA) - Get Report bested quarterly estimates thanks to its popular 'Star Wars' videogame franchise.