On The Fly: Top stock stories at midday - InvestingChannel

On The Fly: Top stock stories at midday

Stocks opened little changed but have seen some profit taking in the early hours of trading. The Nasdaq is leading the market lower with losses of almost 1%, though the S&P and the Dow, the relative outperformer, are also down about 0.7%. Earnings reports from major companies were generally mixed, leaving less reason for investors to continue to pile in with the market at record levels. ECONOMIC EVENTS: In the U.S., durable goods orders rose 2.2% in September, which was better than forecast. The FHFA home price index increased 0.7% to 251.8 in August, beating forecasts. New home sales surged 18.9% to a 667,000 rate in September, which was much better than expected and represented the best rate since October 2007. COMPANY NEWS: Shares of Boeing (BA) have dropped nearly 4% after the aircraft maker reported better than expected core earnings and revenue, backed its fiscal year revenue outlook and raised its core EPS view. Among this morning’s other Dow members that issued their quarterly reports, Coca-Cola (KO) is little changed and Visa (V) is up 1%… Shares of AT&T (T) are down about 4% after the telecom giant reported lower than expected sales and earnings last night and maintained its full-year guidance. MAJOR MOVERS: Among the noteworthy gainers after reporting earnings were Anthem (ANTM), GrubHub (GRUB), and Akamai (AKAM), which rallied a respective 4%, 9%, and 6%. Also higher was MacroGenics (MGNX), which gained 18% after it entered into an exclusive global collaboration and license agreement with Incyte (INCY) for MacroGenics’ MGA012. Among the notable losers after reporting earnings were Acadia Healthcare (ACHC), Chipotle (CMG), and AMD (AMD), which fell 28%, 15%, and 13%, respectively. INDEXES: Near 1 pm ET, the Dow was down 160.54, or 0.68%, to 23,281.22, the Nasdaq was down 53.81, or 0.82%, to 6,544.62, and the S&P 500 was down 18.93, or 0.74%, to 2,550.20.

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