U.S. markets were trending lower Wednesday afternoon, while oil closed the day down about 2.5% to $41.71.
Despite the lull, Ralph Lauren (RL) shares were up as much as 11% in midday trading, after the company beat sales and earnings estimates in results posted this morning. Revenue for the quarter ending July 2 was down 4% year over year, to $1.6 billion, but ahead of consensus expectations of $1.52 billion. Earnings of $1.06 per share, excluding some items, beat expectations by $0.18.
Meanwhile, shares of Rite Aid (RAD) were up nearly 6% by the noon hour, but in the absence of any public news. Investors have been waiting hopefully for regulatory approval of a proposed acquisition of the company by Action Alerts PLUS holding Walgreens Boots Alliance (WBA) . That company was also up, by nearly 2%, in midday trading.
Across the sea, on the Scottish Isle of Lewis, news of a diesel leak from a grounded Transocean (RIG) drilling rig sent shares tumbling more than 5%. The rig, which was under tow from Norway to Malta when it ran aground at idyllic Dalmore beach, is reportedly carrying up to 300 tons of diesel.
Shares of Perrigo (PRGO) were also down midday, by more than 10%, after the Dublin-based company cut its outlook for the year and reported weaker-than-expected quarterly earnings. EPS of $1.93, excluding some items, were $0.05 below analyst estimates.
Finally, shares of circuit-component maker KLA-Tencore (KLAC) were down nearly 10% after the company said its previously announced acquisition by Lam Research LRCX is facing regulatory hurdles that could delay the tie-up beyond its planned consummation in October.