Key Takeaways
- Major U.S. indexes were little changed at midday Wednesday, as investors watch developments in the Middle East and the U.S. port strike.
- Nike shares fell Wednesday, a day after the company declined to offer a full-year outlook alongside its fiscal first-quarter results.
- Humana’s stock price plunged after a large share of its Medicare offerings were downgraded by the Centers for Medicare and Medicaid Services.
Major U.S. indexes were little changed at midday Wednesday, as investors watch developments in the Middle East and the U.S. port strike. The Dow, S&P 500, and Nasdaq were all slightly lower.
Humana (HUM) was the worst-performing stock in the S&P 500 after a large share of the insurer’s Medicare offerings were downgraded by the Centers for Medicare and Medicaid Services (CMS).
Shares of Nike (NKE) also fell, a day after the athletic apparel giant withdrew its full-year guidance and pushed back its investor day.
Tesla (TSLA) shares slipped after the electric vehicle maker reported more deliveries than analysts projected for the third quarter, but investors may have had higher expectations.
Conagra Brands (CAG) shares sank as the food maker with brands such as Duncan Hines and Slim Jim reported profit and sales that missed estimates as it faced a “challenging environment.”
Lamb Weston Holdings (LW) shares climbed after frozen potato products company announced a major restructuring that includes closing a plant, production cuts, and layoffs.
Shares of Caesars Entertainment (CZR) gained as the hotel and casino operator said it would buy back half a billion dollars in stock after its current repurchase program ends.
Diamondback Energy (FANG) shares also rose as Barclays upgraded the stock, pointing to the benefits of the oil company’s $26 billion purchase of Endeavor Energy Resources.
Oil futures climbed and gold prices declined. The yield on the 10-year Treasury note was higher. The U.S. dollar was up versus the euro, pound, and yen. Most major cryptocurrencies traded lower.
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