Midday movers: McDonald's, Wendy's, Arena Pharma
Stocks falter amid renewed worries about Greece and its potential exit from the eurozone.
McDonald's (MCD) reported weaker than expected same-store sales growth, saying its global 3.3% increase was comprised of U.S. sales up 3.3%, European sale up 3.5%, and Asia/Pacific, Middle East, and Africa sales up 1.1%. Rival Wendy's (WEN) reported earnings that missed expectations, saying its profit margin was hurt by higher commodity costs, especially fresh beef.
Both fast food companies traded lower on their news, with McDonald's shares sliding almost 2% and Wendy's falling over 5%.
Among other companies reporting earnings, advancers included Generac (GNRC), Vitamin Shoppe (VSI) and OfficeMax (OMX); decliners included Dendreon (DNDN), Scotts Miracle-Gro (SMG) and Rackspace (RAX).
Among the notable market gainers were GTx (GTXI), up 16%, after reporting that the FDA removed its clinical hold on the company's investigational new drug application for Capesaris, and Arena Pharmaceuticals (ARNA), up nearly 16% as well, two days ahead of an FDA Advisory Committee meeting to discuss its weight-loss drug, locaserin.
Noteworthy losers included Mako Surgical (MAKO), down 35%, following its weaker than expected Q1 results and lowered full-year RIO system sales guidance, and Fossil's (FOSL), down over 37%, after the company expressed caution about the European economy and reduced its 2012 earnings guidance following Q1 results that disappointed.
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As geopolitical tensions threaten to spin out of control, investors are wondering how best to position their portfolios for the global turmoil.
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