NEW YORK — Stocks are mostly lower in early trading after setting a record high the day before.
Botox maker Allergan fell 3 percent after Valeant Pharmaceuticals made a new unsolicited offer for the company.
Toll Brothers rose 4 percent after reporting that its profits more than doubled as the home builder raised prices and delivered more houses.
The Standard & Poor's 500 index was flat at 1,912 in the first few minutes of trading. The index closed at a record the day before.
The Dow Jones industrial average fell 22 points, or 0.1 percent, to 16,653. The Nasdaq lost two points, less than 0.1 percent, to 4,234.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.47 percent from 2.52 percent late Tuesday.
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