Midday Report: Dow at Records; Cheesecake Factory Warns on Second Quarter
Stocks rebounded from a two-day selloff and the Dow Jones Industrial Average set a new intraday record as the Federal Reserve convened for its June meeting. The FOMC is widely expected to hike interest rates for the second time this year. Cheesecake Factory (CAKE) - Get Report tumbled after lowering its second-quarter forecasts, blaming an uncertain consumer and volatile week-to-week sales trends. The chain now expects same-restaurant sales to fall by roughly 1%, a surprise to analysts expecting a rise. Sears (SHLD) has announced plans to cut 400 jobs. That is part of previously announced strategic restructuring plans designed to reduce annual costs by $1.25 billion. Verizon (VZ) - Get Report has officially closed its deal to acquire Yahoo!'s core internet assets. Yahoo will combine with Verizon's AOL to form a new media company.
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