Earnings reports were also contributing to market moves Wednesday, with Procter & Gamble (PG) rising 0.3% after the consumer-products giant posted strong volume gains, though quarterly earnings fell 6.8%.
ConocoPhillips (COP) fell 1.1% to lead a broad decline in energy stocks, despite posting third-quarter earnings that more than doubled, buoyed by higher commodities prices and improved refining margins. Exxon Mobil (XOM) and Chevron (CVX) both fell by more than 1%.
SAP AG (SAP) dropped 4.3% after quarterly results fell short of expectations, and the business-software giant was hit by legal provisions in connection with a $2 billion lawsuit brought against it by rival Oracle (ORCL).
Whirlpool (WHR) tumbled 5.1% after the appliance maker’s profit fell 9.2%, though sales in Latin America and Asia showed strength.
Sprint Nextel (S) dropped 4.6% after the telecommunications giant said its loss widened, though the company reported its biggest net subscriber gain since 2006.
Comcast (CMCSA) gained 1.8% after the nation’s largest cable provider despite an 8.2% decline in profits, after a summer slowdown in subscriber growth and costs related to its deal for NBC Universal weighed on its performance.
Drug giant GlaxoSmithKline PLC (GSK) fell 0.6% after it agreed to pay $750 million and plead guilty to a criminal charge to settle a U.S. government investigation of manufacturing deficiencies at its former plant in Puerto Rico.
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