Profit Taking Underway as Dow Industrials Drop Triple Digits

Stocks fell in midday trading Thursday with the Dow Jones Industrial dropping triple digits. The Gap (GPS) was down 12% after reporting disappointing September sales. The stock also got a slew of downgrades after its CEO Glenn Murphy said he would resign next year. PepsiCo (PEP) is going against the current market trend and rising. The world's second-largest beverage producer reported third quarter earnings beating expectations and raised 2014 forecast. Google (GOOG) is asking the Supreme Court to decide its copyright battle with Oracle (ORCL). The dispute started with Oracle accusing Google of infringing on copyrights related to Java programming four years ago. Google was largely victorious in the lower court but then an appeals court overturned that ruling and now Google wants the nation's highest court to hear its case. On the economic front, U.S. wholesale inventories rose 0.7% in August.