Fly Intel: Wall Street's top stories at midday
Stocks on Wall Street were higher at midday as investors continue to await the real start of the Q2 earnings reporting season. In a bit of a positive harbinger, though, PepsiCo (PEP) kicked things off with a solid report as its headline earnings topped consensus expectations and the snack and soda giant backed its full-year view. ECONOMIC EVENTS: In the U.S., the job openings and labor turnover - or JOLTS - report showed job openings dropped 202,000 to 6.64M in May. However, that was after climbing 207,000 to a record high of 6.84M in April. COMPANY NEWS: Shares of PepsiCo gained 3.5% after the company's core earnings were powered by Frito-Lay North America operating profit growth of 5%, which helped offset the fact that North America Beverages operating profit decreased 16%. Pepsi CEO Indra Nooyi, who affirmed the company's full-year outlook, said the "majority" of the company's businesses performed very well in Q2, particularly its international divisions... Tesla (TSLA) advanced nearly 2% after Bloomberg reported that the electric car maker will sign a memorandum of understanding to build a plant in China capable of producing 500,000 vehicle per year. MAJOR MOVERS: Among the noteworthy gainers was Stitch Fix (SFIX), which rose 10% after launching Stitch Fix Kids and having KeyBanc analyst Edward Yruma start covering the stock with an Overweight rating and a $38 price target. Also higher was Casa Systems (CASA), which gained 10% after Morgan Stanley analyst Meta Marshall upgraded the stock to Overweight from Equal Weight after a recent pullback in the shares. Among the notable losers was Nordstrom (JWN), which fell 5% after it reaffirmed its fiscal 2018 guidance and provided a net sales growth outlook for 2017-2022 as part of its first analyst day meeting. Also lower was Cerner (CERN), which was 4% lower after Evercore ISI analyst Ross Muken downgraded the stock to Underperform from In Line and lowered his price target to $55 from $57. INDEXES: Near midday, the Dow was up 149.72, or 0.6%, to 24,926.31, the Nasdaq was up 11.89, or 0.15%, to 7,768.09, and the S&P 500 was up 9.05, or 0.33%, to 2,793.22.