Getty Images Actress Tia Carrere and the El Pollo Loco chicken. It was a down day for indexes, but there were plenty of bright spots among individual stocks Tuesday.
The Dow Jones Industrial Average fell 70.48 points or 0.42% today to 16,912.11. The NASDAQ Composite Index declined 2.21 points or 0.05% to 4,442.70. And the Standard & Poor’s 500 Index dropped 8.96 points or 0.45% to 1,969.95.
Shares of American Express (AXP) rallied after the bell; the credit giant reported earnings that beat analyst expectations. American Express said it earned $1.43 per share in the second quarter, better than the $1.38 consensus expectation. Quarterly net income rose 9% and shares outstanding fell 4% year over year. Revenue of $8.65 billion was slightly below the $8.66 billion expectation, according to Thomson I/B/E/S.
Shares of Tyson Foods (TSN) fell 3.4% on Tuesday, a day after Tyson said it would sell Mexican and Brazilian poultry businesses to JBS’s Pilgrim’s Pride. The resulting $575 million in proceeds would be used to pay down debt from Tyson’s pending $7.7 billion purchase of Hillshire Brands.
In related news, fowl is fair fare: El Pollo Loco (LOCO) shares fell 13% and continued their descent in the aftermarket. Shares of El Pollo Loco, a quick-serve restaurant concept based in California, soared 56% in its public offering Friday. The craziness prompted MarketWatch to post ratings for fast-food joints, with investors in mind.
Global oil exploration and refining company BP (BP) slid more than 3% after the U.S. and Europe agreed to step up sanctions on Russian energy, defense and banking enterprises. BP has a nearly 20% stake in Russia’s state-controlled energy company Rosneft.
One of the day’s biggest movers was Windstream Holdings (WIN), which surged more than 20% before settling up 12% Tuesday after the high-yielding telecom company said it would spin off assets into a real estate investment trust (covered on our income blog). The REIT news carried other telecom names higher: local phone companies CenturyLink (CTL) and Frontier Communications (FTR), shot up 5.8% and 14.3% respectively. And telecom giants got a lift too: Verizon Communications (VZ) rose 0.76%, while AT&T (T) climbed 2.6%. Telecom exchange-traded funds also rallied on the REIT news.
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