:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2166954002-f469d95fc0d64ed38f9f18647687e8b2.jpg)
Key Takeaways
- U.S. equities lost ground at midday after several companies reported weaker-than-expected results.
- Shares of Enphase Energy and rival solar firms tumbled as Enphase reported soft demand in Europe hurt results.
- AT&T had a better-than-anticipated increase in postpaid phone net adds, sending shares higher.
U.S. equities fell at midday as several weak corporate earnings reports weighed on stocks. The Dow Jones Industrial Average, S&P 500, and Nasdaq all declined.
Shares of solar power companies slumped when Enphase Energy (ENPH) missed profit and sales estimates and gave weak guidance on soft European demand.
Shares of Coca-Cola (KO) dropped after the soft drink maker reported a surprising dip in unit case volumes.
McDonald’s (MCD) shares tumbled as the Centers for Disease Control (CDC) said it was investigating a rash of sicknesses caused by E. coli in people who ate the restaurant chain’s Quarter Pounder burgers.Â
AT&T (T) shares were higher after the telecom firm posted better-than-expected postpaid phone net adds.Â
Shares of Northern Trust (NTRS) gained after the bank reported strong results as it benefited from higher fees.
Packaging Corporation of America (PKG) shares rose as price hikes helped the manufacturer of packaging products beat profit and sales estimates.Â
Oil futures slid. Gold prices came down from record highs. The yield on the 10-year Treasury note advanced. The U.S. dollar was up on the euro, pound, and yen. Most major cryptocurrencies traded lower.Â
TradingView