SCS - S&P 500 Edges Lower; General Mills Cuts Sales Forecast | Benzinga
U.S. stocks traded mixed toward the end of trading, with the S&P 500 turning lower on Wednesday.
The Dow traded up 0.07% to 37,586.02 while the NASDAQ rose 0.17% to 15,029.36. The S&P 500, however, fell 0.04% to 4,766.46.
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Leading and Lagging Sectors
Communication services shares jumped by 1.4% on Wednesday.
In trading on Wednesday, consumer staples shares fell by 1%.
Top Headline
General Mills Inc (NYSE: GIS) reported downbeat sales for its second quarter and lowered its annual sales outlook.
The company reported a second-quarter sales decline of 2% year-on-year to $5.14 billion, missing the analyst consensus estimate of $5.35 billion. Adjusted EPS of $1.25 beat the consensus estimate of $1.16.
General Mills cut its FY24 organic sales outlook from 3%-4% growth to range down 1%-flat. The company revised FY24 adjusted EPS growth guidance from 4%-6% to 4%-5% in constant currency.
Equities Trading UP
Steelcase Inc. (NYSE: SCS) shares shot up 12% to $14.19. Steelcase posted upbeat earnings for its third quarter, while sales missed estimates. The company said it sees fourth-quarter adjusted earnings of 19 cents to 23 cents per share on revenue of $765 million to $790 million.
Shares of ParaZero Technologies Ltd. (NASDAQ: PRZO) got a boost, ...