Stocks are mixed; Kroger jumps and Coach falls – Los Angeles Times

This post was originally published on this site

Shares of household goods makers and healthcare companies were edging higher on Wall Street on Wednesday morning, while banks and energy companies fell. That left U.S. stocks little changed overall in the early going. Kroger was jumping after saying it will consider selling its convenience store business. Luxury handbag maker Coach was falling after saying it will change its name to Tapestry.

KEEPING SCORE: The Standard & Poor’s 500 index was down 1 point, or 0.1%, at 2,549 as of 10 a.m. EDT. The Dow Jones industrial average rose 2 points to 22,833 after Tuesday’s record-high close. The Nasdaq composite fell 3 points, or 0.1%, to 6,584. The Russell 2000 index of smaller-company stocks was little changed at 1,507.

ATTENTION SHOPPERS: Grocery store company Kroger jumped 7.1% to $21.98 after it said it will consider selling or spinning off its convenience store business, which has almost 800 locations in 18 states under names such as Tom Thumb and QuickStop. It had $1.4 billion in revenue in 2016. Kroger also said it plans to redesign some stores, find new sources of revenue and boost its profit margins.

J&J MEETS FDA: Johnson & Johnson climbed 1.8% to $136.32 after the company asked regulators to approve its drug apalutamide. It’s intended for patients with a hard-to-treat form of prostate cancer.

TAKE ME OUT, COACH: Luxury handbag and accessories maker Coach fell 2.3% to $39.09 after it said it will change its name to Tapestry at the end of October. The company bought the Kate Spade and Stuart Weitzman brands over the last few years and said it wants its name to reflect its growth beyond the iconic Coach brand.

CLEARED FOR TAKEOFF: Delta Air Lines‘ profit and revenue were better than analysts anticipated and the company issued a strong forecast for the fourth quarter. Delta shares rose 19 cents to $52.89 on Wednesday morning and have surged 10% since Oct. 3, when the company raised its expectations for the third quarter. JetBlue rose 1.6% to $20.56. American Airlines fell 1.1% to $52.45.

ENERGY: Benchmark U.S. crude oil rose 4 cents to $50.96 a barrel in New York. Brent crude, used to price international oils, fell 8 cents to $56.53 a barrel in London.

CURRENCIES: The dollar fell to 112.19 yen, from 112.37 yen. The euro rose to $1.1854, from $1.1804.

OVERSEAS: France’s CAC 40 fell 0.2% and the German DAX rose 0.1%. In Britain, the FTSE 100 lost 0.1%.

The Spanish Ibex35 rose 1% after the Catalan regional government stopped short of declaring independence. Late Tuesday, regional President Carles Puigdemont said Catalonia should hold talks with the Spanish central government after a landslide result in an independence referendum earlier this month. The Madrid-based government has given few hints it is willing to talk and does not consider the vote to be valid.

Japan’s Nikkei 225 index rose 0.3% and closed at another 21-year high. South Korea’s Kospi rose 1%. The Hang Seng in Hong Kong fell 0.4%.


7:40 a.m.: This article was updated with market prices and context.

This article was originally published at 6:55 a.m.