Pier 1 Imports, Southwest Warn on Hurricane Damage, Stocks Turn Mixed

Stocks turn 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.
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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) - Get Report 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) - Get Report 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) - Get Report 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.

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