U.S. stocks declined on Wednesday morning with the 10-year note in a seven-year high, standing at 3.22%. The Dow Jones Industrial Average rose 0.06% to 26,505, the S&P 500 index jumped 0.31% to 2,893, while the Nasdaq Composite Index rose 0.76% to 7,793.
Shares of Trinseo S.A. (TSE, Financial) fell more than 15% on Wednesday morning after the company said that it expects third quarter results to be below previous guidance. The net income is expected to be between $74 million and $80 million, below previous guidance by $15 million. Adjusted Ebitda is estimated to be in the range of $140 million to $146 million, below previously issued guidance by approximately $12 million.
These numbers were the consequence of higher costs for raw materials, a slowdown in the automotive industry and a weaker tire market, which negatively impacted the plastics and synthetic rubber segments.
Previously, the company issued guidance of net income between $88 million and $96 million and adjusted Ebitda in the range of $150 million to $160 million.
Gainers
· Kohls Corp. (KSS, Financial)
· CenturyLink Inc. (CTL, Financial)
· Nordstrom Inc. (JWN, Financial)
· General Mills Inc. (GIS, Financial)
Losers
· Tiffany & Co. (TIF, Financial)
· Advanced Micro Devices Inc. (AMD, Financial)
· Tapestry Inc. (TPR, Financial)
· Autodesk Inc (ADSK, Financial)
· NVIDIA Corp. (NVDA, Financial)
Markets
The main European stock markets traded lower. The U.K.'s FTSE 100 lost 0.96%, France's CAC 40 fell 1.74%, Germany's Dax retreated 1.83% and Spain's Ibex 35 slid 0.72%.
In Asia, Japan's Nikkei 225 jumped 0.16%, India’s BSE Sensex gained 1.35%, Hong Kong's Hang Seng advanced 0.08% and China's Shanghai Composite gained 0.18%.
Disclosure: The author holds no positions in any stocks mentioned.
