The Dow was held in check by Procter Gamble (PG), which fell 1.7 percent. It lowered its outlook for this year citing the currency fluctuations in many emerging markets. Amazon (AMZN) was also a big loser, dropping 3.5 percent. It plans to hire another 2,500 full time workers, and some investors are frustrated by the company’s constantly rising costs. In addition, UBS (UBS) lowered its rating on Amazon to “neutral.”
Also falling on earnings news disappointments:
- Lorillard (LO), which makes Newport cigarettes and a leading brand of e-cigarettes, fell 5 percent.
- Wellcare (WCG) lost 9 percent. Net fell and the company issued a forecast well below Street expectations.
- And FireEye (FEYE) fell 10 percent. The company, which provides security against cyber attacks, also issued a disappointing outlook. But even after Wednesday’s loss, the stock has nearly doubled in value over the past year.
On the upside:
- Owens Corning (OC), which makes roofing and insulation products, gained 8.5 percent after beating expectations. It also declared a dividend for the first time 14 years.
- Online travel company TripAdvisor (TRIP) rose 10 percent on a big jump in revenue.
- Packaging Corp. (PKG) gained 10 percent
- And Dr. Pepper Snapple (DPS) added 2 percent.
Elsewhere, Delta Air Lines (DAL) and most other airline stocks edged lower as the storm moving from the South up through the Northeast forced thousands of flight cancelations.
Seattle Genetics (SGEN) jumped 11 percent. Its loss wasn’t as steep as expected and it provided upbeat news on two drugs in its pipeline.
But Ventrus Biosciences (VTUS) lost more than half of its value after reporting a key product didn’t beat a placebo in its clinical trial.
What to Watch Thursday:
- At 8:30 a.m. Eastern time, the Labor Department releases weekly jobless claims, and the Commerce Department reports January retail sales.
- The Commerce Department releases business inventories for December at 10 a.m.
- Federal Reserve Chair Janet Yellen testifies before Senate Banking Committee in Washington at 10:30 a.m.
These major companies are scheduled to release quarterly financial results:
- American International Group (AIG)
- Avon Products (AVP)
- Bankrate.com (RATE)
- Bunge (BG)
- Burger King Worldwide (BKW)
- Diebold (DBD)
- Goodyear Tire Rubber (GT)
- Kraft Foods Group (KRFT)
- Jarden (JAH)
- Louisiana Pacific (LPX)
- Molson Coors (TAP)
- Penske Auto Group (PAG)
- PepsiCo (PEP)
- Regal Entertainment Group (RGC)
- Starwood Hotels (HOT)
- Trulia (TRLA)
- Weight Watchers (WTW)
–Produced by Drew Trachtenberg.