On The Fly: Top stock stories at midday

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Stocks opened in negative territory despite some solid earnings reports from companies such as Boeing (BA) and Twitter (TWTR). The market renewed its selloff from yesterday as investors remain concerned over the comments from several companies, headlined by Caterpillar (CAT), that stoked worries that earnings may have peaked. Despite analyst comments to the contrary, the market has not been able to build any bounceback momentum so far this morning. ECONOMIC EVENTS: In the U.S., NYMEX crude prices pulled back after the EIA inventory data showed a 2.2M barrel rise in crude stocks versus the forecast for a 1.27M barrel drawdown. COMPANY NEWS: Shares of Twitter initially advanced after the microblogging service operator reported better than expected earnings and revenue and noted that its monthly average user count rose 3% year-over-year in the first quarter. However, Twitter also noted that average U.S. MAUs were flat at 69 million in Q1 and warned that while it remains "optimistic" about its ability to execute on its priorities and deliver value for advertisers the company will "face increasingly difficult comparables in the second half of 2018." As investors have digested the report and cautious commentary on the second half, Twitter shares have slid about 5% near noon... Among other big name earnings reporters, Boeing advanced 2% following its better than expected results and guidance raise, while General Dynamics (GD) and Northrop Grumman (NOC) declined 4% and 3%, respectively... Comcast (CMCSA), in addition to reporting its quarterly results, announced its pre-conditional "superior" cash offer of GBP 12.50 in cash for each share of Sky (SKYAY). As a result of the announcement of this higher cash offer, the independent committee of Sky withdrew its recommendation of the offer announced by 21st Century Fox (FOXA), which responded by saying it "remains committed to its recommended cash offer for Sky" and is "currently considering its options." MAJOR MOVERS: Among the noteworthy gainers was Chicago Bridge & Iron (CBI), which rose 8% after McDermott (MDR) reiterated its rejection of Subsea 7's non-binding, unsolicited takeover proposal. McDermott shares are down 4% after the news. Also higher were Vicor Corporation (VICR) and Six Flags (SIX), which gained a respective 25% and 9% after reporting quarterly results. Among the notable losers was Fiat Chrysler (FCAU), which fell 2% after Jefferies downgraded the stock to Hold from Buy. Also lower were trivago (TRVG) and Check Point (CHKP), which dropped a respective 22% and 6% after reporting quarterly results. INDEXES: Near midday, the Dow was down 113.88, or 0.47%, to 23,910.25, the Nasdaq was down 17.99, or 0.26%, to 6,989.36, and the S&P 500 was down 8.75, or 0.33%, to 2,625.81.