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Trending Market News Monday: Pizza Hut and SoCal Edison

Tiffany's lawsuit against Costco was returned to a lower court after an appeals judge threw out the previous ruling.
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Stocks were mixed Monday following Wall Street's third straight week of gains but the S&P 500 approached a record high as technology shares lifted the index.

The Dow was the lone laggard, falling 0.2%, while the S&P 500 and Nasdaq rose 0.4% and 1.1% respectively. 

Tiffany Judgement Against Costco Overturned

The 2nd Circuit Court of Appeals in Manhattan overturned a lower court ruling against Costco  (COST) - Get Costco Wholesale Corporation Report that awarded famed jeweler Tiffany & Co  (TIF) - Get Tiffany & Co. Report over the big-box retailer's chain of generic diamond engagement rings that had the iconic "Tiffany" name attached. 

Costco was selling a pronged setting they called a "Tiffany" setting, which the lower court ruled was worth the $21 million judgment against the company. 

However, Circuit Judge Debra Ann Livingston ruled that reasonable jurors could find Costco's use of "Tiffany" benign. The trial has been sent back down to the U.S. District Court in Manhattan for a new trial. 

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Southern California Utility Warns of Blackouts

Residents suffering through record-setting heat in Southern California should brace for possible power outages, Southern California Edison, the region's largest power company, warned Monday. 

The utility is asking people to voluntarily conserve power through Wednesday in order to minimize possible outages as the hotter weather has more people running their air conditioning. 

SoCal Edison is asking customers to conserve power, particularly from 3 p.m. to 10 p.m. by keeping their AC's up to at least 78 degrees F. 

Pizza Hut to Close 300 Stores After Franchisee Bankruptcy

There will probably be fewer Pizza Huts on your drive home soon after franchisee NPC International reached an agreement with Pizza Hut owner Yum Brands  (YUM) - Get Yum! Brands, Inc. Report to close 300 stores as part of its bankruptcy reorganization. 

In a statement to CNN Business, Yum Brands said that the bankruptcy filing "was expected" and that it remains supportive of the company.

NPC International franchises 1,227 Pizza Hut restaurants, out of 7,100 nationwide, and 393 Wendy's restaurants.