GE Weighs on Dow, Nasdaq and S&P Lower
Stocks fell as investors turned their attention from corporate concerns to Capitol concerns, as markets continued to grapple with uncertainty over the fate of U.S. tax legislation.
General Electric Co. (GE) - Get Report was the Dow's worst performer on Tuesday, trading under $18 a share. Investors continued to sell off the stock after the industrial conglomerate cut its dividend for the second time in a decade. The company also slashed its 2018 profit forecast.
Shares of Buffalo Wild Wings Inc. (BWLD) soared more than 20% after private-equity firm Roark Capital Group reportedly has made a $2.3 billion bid for the restaurant chain. The bid came just months after CEO Sally Smith announced she would retire by year-end amid pressure from activist investors.
Home Depot Inc. (HD) - Get Report shares were slightly higher after reporting a top- and bottom-line beat for the third quarter. The largest U.S. home improvement chain posted earnings of $1.84 a share, topping forecasts by 2 cents. Revenue of $25.03 billion also beat Wall Street estimates. Comparable sales at U.S. stores rose 7.7% in the third quarter.
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