MYLES UDLAND

OCT. 23, 2014

REUTERS/Chris Wattie

Armed RCMP officers approach Centre Block on Parliament Hill following a shooting incident in Ottawa October 22, 2014. A Canadian soldier was shot at the Canadian War Memorial and a shooter was seen running towards the nearby parliament buildings, where more shots were fired, according to media and eyewitness reports.

Stocks fell on Wednesday for the first time in four days, with some traders blaming the selling on reports of multiple shootings near the Canadian Capital. The decline in stocks also came amid weakness in oil and followed Tuesday’s gains, which were the best of the year for the market.

First, the scoreboard:

• Dow: 16,462.3, -153, (-0.9%)
• S&P 500: 1,928.5, -12.7, (-0.7%)
• Nasdaq: 4,385.8, -34, (-0.8%)

And now, the top stories on Wednesday:

1. The biggest story on Wednesday came out of Canada, as police in Ottawa were looking for at least one gunman after several shootings in the Canadian capital. Reports said that one soldier who was shot at Canada’s National War Memorial died from his injuries, and at the market close the capital building remained on lockdown. In an afternoon email, NYSE floor governor Rich Barry wrote, “In a clear sign that the overall sentiment in the market remains fragile and cautious, we saw a sharp turn in the market to the downside early this afternoon on reports of ‘multiple rogue gunmen’ opening fire upon citizens in the Canadian capital city of Ottawa… Make no mistake, the Dow and S&P sold off in reaction to reports of the shootings.”

2. Oil was back in focus again, falling more than 2% below $81 for the first time since last week. Last week oil, along with the broader market, sold off hard before rebounding sharply, but Wednesday’s weakness again brings the commodity back into focus. And while the falling price of oil might be a positive to some US consumers, Business Insider’s Tomas Hirstreports that Russia will be facing recession if prices fall below $80 a barrel. 

3. Inflation remains tepid in the US, as the consumer price index for September showed prices rose just 0.1% on a month-over-month basis, though this was slightly better than the flat increase expected by economists. “Core” inflation, which strips out the more volatile cost of food and energy, also rose 0.1% month-on-month. Following the report, Ian Shepherdson, chief US economist at Pantheon Macro, said that headline inflation will likely decline further in the fourth quarter due to the falling price of gas, and said that with these inflation data, faster wage gains are likely to be Fed’s trigger for raising interest rates. 

4. Apple shares surged to a fresh all-time, split-adjusted high of $103.95. There was no apparent news for the iPhone maker on Wednesday, but the move follows Apple’s stronger than expected earnings report on Monday. 

5. Dow member Boeing reported an 18% increase in its quarterly earnings on Wednesday, and the aerospace giant also raised its full-year profit outlook to $8.10-$8.30 per share from a prior view of $7.90-$8.10. 

6. Among the big losers on Wednesday was 3D printer maker 3D Systems, which fell more than 15% after the company on Tuesday said that its third quarter and full-year revenue would come in below expectations. 3D Systems didn’t blame demand for its printers, but a shortfall from manufacturing restraints as hampering its results. The company also slashed its profit expectations for both the third quarter and the full year. 

7. Shares of Federal-Mogul Holdings fell more than 8% after the Carl Icahn-controlled company reported an $18 million loss in the quarter. Another Carl Icahn holding, Herbalife, fell about 4% on Wednesday. On Tuesday, LA Magazine published a video interview with Herbalife CEO Michael Johnson, who spoke about the company’s fight with Bill Ackman, which he characterized as a “war.” 

8. In Business Insider news, executive editor Joe Weisenthal, better known as The Stalwart, spent his last day at BI on Wednesday, and wrote a short post on why covering the markets can be so fun. We tend to agree. 

DOW FALLS, NASDAQ RALLIES: Here’s What You Need To Know

MYLES UDLAND

 AUG. 16, 2014

REUTERS/Maxim Shemetov

A Russian convoy of trucks carrying humanitarian aid for Ukraine drives along a road as Russian servicemen look on, near Kamensk-Shakhtinsky, Rostov Region, August 14, 2014.

Stocks closed mixed in a volatile session that saw stocks sell off sharply in late morning trade after headlines out of Ukraine suggested tensions in its conflict with Russia could be flaring.

First, the scoreboard:

• Dow: 16,656.97, -55.6, (-0.3%)
• S&P 500:1,953.72, -1.4, (-0.07%)
• Nasdaq: 4,460.73, +7.7, (+0.2%)

And now, the top stories on Friday:

1. Two manufacturing reports on Friday sent mixed signals about the economy. The New York Federal Reserve’s latest Empire State Manufacturing survey’s headline reading fell to 14.69 in July from 25.60 in June. Expectations were for a reading of 20. Citing commentary from Capital Economics’ Paul Dales, BI’s Rob outlinedthree reasons why the poor headline numbers isn’t a big concern. The Federal Reserve’s latest industrial production report showed production rose 0.4% in July. Capacity utilization rose 0.1% to 79.2%, and June’s reports was also revised up, to 0.4% from a prior reading of 0.2%. 

2. The producer price index rose 0.1% in July, in-line with expectations. Ian Shepherdson at Pantheon Macroeconomics said, “Another unexciting PPI, with the core rising by rather less than seems to be implied by the NFIB survey for the third straight month, for reasons which are not clear.”

3. The University of Michigan’s preliminary reading for August consumer confidence fell to a nine-month low of 79.2, missing expectations for an increase to 82.5. “With employment expanding at a rapid clip, gasoline prices dropping back a little, long-term interest rates collapsing and equity prices rallying in recent days, we would expect this particular confidence measure to come in a little higher in the final August estimate,” said Capital Economics’ Paul Ashworth. “More generally, the various confidence measures are all over the place. This eight-month low contrasts with the Conference Board measure, which hit its highest level in July since the recession began.”

4. Following its abysmal quarterly report on Wednesday, Sea  World announced that it would build larger tanks and donate $10 million for killer whale research. In an e-mailed statement to Business Insider, PETA called SeaWorld’s announcement a, “desperate drop-in-the-bucket move to try to turn back the hands of time at a time when people understand the suffering of captive Orcas, and it will not save the company.”

5. Shares of energy drink maker Monster Beverage gained more than 30% on Friday after Coca-Cola on Thursday afternoon said it would take a 17% equity stake in the company worth $2.15 billion. The deal follows a February announcement from Coke that it would take a 10% stake in coffee company Keurig Green Mountain. Morningstar analyst Adam Fleck said these deals will help Coke diversify its product offerings as it seeks to offset some of the “secular decline” in its soft drinks business. 

6. A report from Reuters said that popular burger chain Shake Shack is preparing an initial public offering. The report said Shake Shack’s majority owners have been interviewing investment banks in recent weeks, and that the company’s earnings are expected to total around $20 million next year. 

7. Among the biggest losers on Friday was Vringo, which fell more than 70% after an Appeals Court judge overturned an earlier ruling that found Google and AOL, among others, infringed a patent of one of the company’s operating subsidiaries.