- Michael Fiala/Reuters
Stocks opened down on Friday after mixed earnings results from McDonald’s, which reported stronger-than-expected sales growth, and General Electric, which cut its revenue forecast.
As the day went on, stocks retraced some of their losses and finished little changed.
First up, the scoreboard:
Dow: 18,145.71, -16.64, (-0.09%)S&P 500: 2,141.16, -0.18, (-0.01%) Nasdaq: 5,257.40, +15.57, (+0.30%) WTI crude oil: $50.94, +0.31, (+0.61%) 10-year Treasury yield: 1.736%, -1.1 basis points
Time Warner skyrocketed after reports that AT&T is closing in on a takeover. Shares spiked more than 13% to a 15-month high after the Wall Street Journal reported that it’s in “advanced talks” to be acquired by AT&T. McDonald’s is still killing it because of all-day breakfast. The company said its comparable-store sales, or sales at locations open for at least one year, rose 3.5%, topping the forecast for 1.5% growth, according to data from Bloomberg. The oil rig count rose for the 8th straight week, according to oilfield-services giant Baker Hughes. The rig count has increased since June as operators have become more bullish on the market. Sketchers crashed after blaming its weak earnings on a “shorter back-to-school period.” Shares tanked by nearly 17% around 10:20 a.m. ET after the firm reported earnings of $0.42 per share, lower than analysts’ expectations for $0.46 per share. Revenue also came in light at $942 million against expectations for $954 million. The Canadian dollar got whacked after some disappointing data. The currency was down by 0.8% at 1.3336 per US dollar around 2:52 p.m. ET. Earlier, core retail sales came in at 0.0% month-over-month in August, below expectations of an increase of 0.3%, and CPI rose only 0.1% month-over-month in September, below expectations of a 0.2% uptick. In other FX news, the euro dropped to its lowest level since March after the European Central Bank said it wouldn’t taper policy anytime soon. The currency was down by 0.6% at 1.0868 against the dollar around 11:58 a.m. ET.