U.S. Stocks Open Lower; China Makes Big Currency Move

U.S. stocks opened lower Tuesday as China devalues its currency as the country's leaders worry about an economic slowdown.
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U.S. stocks opened lower Tuesday as China devalues its currency as the country's leaders worry about an economic slowdown. The surprise move resulted in the biggest one day drop in the yuan in a decade. Google (GOOGL) is creating an umbrella company, called Alphabet, that will oversee all of Google's various and sprawling entities. Google search, Chrome and Android will be in one company. Google's more experimental ventures, like Glass, drones and self-driving cars will be in others. The move gives Google more transparency to its investors in how each unit is functioning. Gap (GPS) stores continue to struggle in sales. While the Old Navy brand did see a slight increase in sales. Banana Republic and Gap namesake stores saw sales declines.