Stocks turned mixed by the middle of the session after a final read on second-quarter GDP showed stronger growth from April to June than previously estimated. But, worries remained that the recent string of hurricanes could hit third-quarter growth.
Companies are already tempering expectations for quarterly performances in the wake of that devastation. Pier 1 Imports Inc. (PIR) tumbled after lowering its full-year earnings estimates to "reflect the anticipated impact of Hurricane Harvey and Irma" on its third quarter.
Paint maker Sherwin-Williams Co. (SHW) expects weather disruptions to reduce overall third-quarter revenue by $50 million to $70 million. More than 600 stores were affected by the hurricanes.
Southwest Airlines Co. (LUV) expects third-quarter operating revenue to be reduced by $100 million after cancelling roughly 5,000 flights. Capacity is expected to increase 3% over the quarter.
Watch More with TheStreet:
- Bitcoin Is a Fraud, 'Wolf of Wall Street' Jordan Belfort Proclaims
- 5 Corporate Videos You Unfortunately Can't Un-See
- The Worst Financial Crash You Have Ever Seen Is Coming: Jim Rogers Survival Tips
- Here's How Dunkin' Donuts Is Winning the Coffee Wars