U.S. indices were pointed lower midday Tuesday, with the S&P 500, Dow Jones Industrial Average and Nasdaq each falling 0.5% with about two hours left in trading.
Industry-standard Brent crude and West Texas Intermediate futures reversed declines from the morning, with Brent crude futures up $0.41 to $49.38 per barrel and WTI crude futures up $0.58 to $48.30 per barrel.
Shares of LendingClub (LC) were down more than 10% midday after the company received a Justice Department subpoena following the resignation of its founder and CEO last week. Former CEO Renaud Laplanche was forced out after it was revealed the company failed to report loan-sale errors.
Office Depot (ODP) shares continue to get hammered a week after a judge sided with the Federal Trade Commission and issued an injunction on the company's proposed merger with rival Staples (SPLS). The two companies dropped their merger plans following the judge's decision.
Shares of Dividend Stock Advisor holding AbbVie (ABBV) were down more than 4% on about three times their normal volume after the U.S. Patent and Trademark Office agreed to consider a petition by Coherus BioSciences (CHRS) challenging the patent on the company's top-selling arthritis drug, Humira. Coherus stock was up 14% Tuesday afternoon.
Meanwhile, Home Depot (HD) was declining 2.5% despite the retailer reporting strong quarterly results and upping its full-year outlook. The home improvement company reported first-quarter net income of $1.8 billion, or $1.44 per share, on revenue of $22.76 billion. Those totals were ahead of analysts' estimates for $1.36 and $22.39 billion, respectively. Additionally, the company upped its full-year EPS expectations to $6.27 vs. Wall Street consensus forecasts for $6.23.
Lastly, Pandora Media (P) shares were gaining midday after an activist investor pressured the music-streaming company to sell some of its assets. "We have become increasingly concerned that the company may be pursuing a costly and uncertain business plan, without a thorough evaluation of all shareholder value-maximizing alternatives," Corvex Management said in a letter Tuesday. "Despite its many strengths, the company has been unable to date to translate its great product into a great business with an attractive public market valuation."