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Stocks Slammed by Rocky Start to Earnings Season

In the latest earnings news, shares of Costco Wholesale (COST) rose 1.8% after the warehouse retailer said its fiscal fourth-quarter net income rose 27% from last year and handily beat Wall Street's expectations.

Yum! Brands (YUM), the restaurant operator whose brands include Pizza Hut, Taco Bell and KFC, lifted its outlook for the full year to adjusted earnings of at least $3.24 a share after beating analysts' expectations in the third quarter. The stock surged 8%.

In other corporate news, Japanese automaker Toyota (TM) will recall 7.43 million vehicles globally including in the U.S., Japan and Europe for a faulty power-window switch. Toyota ADRs were down 2.1%.

H&R Block (HRB - Get Report) shares tumbled 5.4% after the tax preparation and banking services company said it may sell its bank division in reaction to changes stipulated by the Dodd-Frank regulations.

FedEx (FDX) set a goal to improve profits by $1.7 billion over the next three years, largely by cutting costs at its underperforming express air division. Shares gained 5.2%.

Engine maker Cummins ( CMI ) reduced its full-year revenue estimate and said that it plans to slash its headcount by as much as 1,500 by the end of the year amid growing global economic uncertainties. The stock was off 3.4%.

Specialty materials and chemicals producer Ferro ( FOE ) slashed its third-quarter earnings outlook because of its weakening solar pastes and metal powders business. Shares plunged 24%.




--Written by Andrea Tse and Joe Deaux in New York.



>To contact the writer of this article, click here: Andrea Tse.

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