Midday Report: PayPal Down on Apple Talk; Stocks Slip on Fedspeak

Stocks extended losses as a series of speeches from Fed members highlighted a more hawkish tone. St. Louis Fed President James Bullard, for example, said that the central bank's goals had been met and that extreme monetary policy was no longer justified. PayPal (PYPL) was lower on reports Apple (AAPL) is exploring a rival mobile payments service tied to its Apple Pay platform. Apple is reportedly talking to banks including JPMorgan (JPM) to set up the service for an expected 2016 launch date. Battery maker Energizer (ENR) slumped after a disappointing quarter. The company blamed an 8% drop in net sales on a strong U.S. dollar and the later timing of holiday shipments. Overall revenue tumbled 18%.