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Midday Report: Stocks Mixed Ahead of Federal Reserve Decision

Stocks traded mixed Wednesday.

Wall Street wavered some Wednesday as investors await Federal Reserve Policy decisions this afternoon. The Dow Jones Industrial Average was slightly up, while the S&P 500 was just in the red. The Nasdaq was down further, as much as 0.3% around midday.

Apple (AAPL) - Get Apple Inc. (AAPL) Report shares dropped more than 2% on reports it had confirmed the new Apple Watch had encountered connectivity issues. The Apple Watch Series 3 is the first model to independently connect to networks, rather than through an iPhone. In a statement to The Verge, Apple said its new watch had issues connecting to cellular networks when already using unauthenticated Wi-Fi networks without connectivity. Apple said it was "investigating a fix for a future software release."

Pfizer (PFE) - Get Pfizer Inc. Report pushed the Dow higher after Morgan Stanley upgraded its rating to overweight from neutral. Analysts raised price target on the stock to $39 from $35. "Underperformance" had led to an upgrade and that the stock shows "favorable risk-reward and M&A optionality." Tax reform could lead to better deal opportunities for Pfizer, analysts added.

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Shares of General Mills (GIS) - Get General Mills, Inc. (GIS) Report tumbled 4% after the maker of Cheerios posted fiscal first-quarter profit and sales that missed expectations. Earnings of 71 cents a share missed consensus by a nickel, while revenue slipped nearly 4% to $3.77 billion. Organic sales declined by 4%, while gross margins slipped by 230 basis points to 35.1%.

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