Dollar General, Dick’s Sporting Goods, Fisker, and More

U.S. equities were lower at midday after the latest report on wholesale inflation showed prices rose more than expected in February. The Dow, S&P 500, and Nasdaq were down. The news sent the yield on the 10-year Treasury note higher. 

Dollar General (DG) shares dropped as the company warned that inflation was limiting sales, and it would have to offer more promotions. That came a day after shares of rival Dollar Tree (DLTR) plunged as it said it would close 1,000 stores.

Shares of home builders dipped after Lennar (LEN) missed revenue estimates as high mortgage rates led the firm to offer incentives to buyers.

American depositary receipts (ADRs) of Anheuser-Busch InBev (BUD) declined as Altria (MO) announced it was selling off part of its 10% stake in the beer maker at a price below Wednesday’s close. Altria shares gained.

Fisker (FSR) shares tumbled amid reports the electric vehicle maker was considering filing for bankruptcy.

Dick’s Sporting Goods (DKS) shares jumped after the retail chain beat estimates for the holiday quarter and raised its quarterly dividend by 10% to $1.10 per share.

Shares of Halliburton (HAL) and other oilfield services providers rose as crude oil futures jumped. RTX (RTX) shares also advanced as Wells Fargo upgraded the stock and increased its price target, saying the quality problems with the defense contractor’s engines have peaked and “things are about to turn around.”

Gold prices lost ground. The U.S. dollar was up versus the euro, pound, and yen. Trading was mixed in major cryptocurrencies.