Midday movers: McDonald's, Deutsche Bank
Stocks are higher despite Moody's warning about a possible US credit rating cut.
In a research note sent to investors Tuesday, JP Morgan commented that Apple's (AAPL) new iPhone 5 could add as much as 0.25% to 0.50% to GDP.
American International Group (AIG) was the subject of a successful stock offering from the U.S. government, which cut its stake in the company from more than 50% to 21%.
McDonald's (MCD) shares were fractionally higher after it reported global same-restaurant sales rose 3.7% in August, with the U.S. up 3%, Europe up 3.1%, and Asia/Pacific, Middle East and Africa up 5.7%. Though the results were slightly weaker than consensus expectations, they represented a rebound from July's flat global same restaurant sales.
Morgan Stanley (MS) and Citigroup (C) reached a deal for Morgan Stanley to take full control of their retail brokerage joint venture, Morgan Stanley Smith Barney, by mid-2015.
Among the notable stock market gainers Tuesday was Sunesis Pharmaceuticals (SNSS), which rose 33% after an independent board monitoring one of its drug trials recommended the trial admit more patients, which also triggered a milestone payment to the company.
Also higher were shares of Deutsche Bank (DB), up almost 6% after the company announced a set of longer-term strategic and financial goals and its CEO said its job cuts will go beyond prior expectations.
Among the noteworthy losers was Navidea Biopharmaceuticals (NAVB), which fell 24% after ThinkEquity downgraded the stock following the company's receipt of a complete response letter from the FDA for its Lymphoseek drug application.
Also lower was United Natural Foods (UNFI), down 8% after its earnings guidance for the upcoming fiscal year was below consensus.
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After enjoying a smooth rise in stock prices since May, investors are about to be hit with another bout of volatility.
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