U.S. stocks gave back earlier gains and finished 1.15% to 1.45% lower across the board. Energy, consumer discretionary and health care names led the way lower. Elsewhere, crude oil fell more than 3% on the session.
Tetraphase Pharmaceuticals (TTPH) was the big loser on Wednesday, falling 79%. The company's late-stage antibiotic failed to meet end-points in clinical trials. Barnes & Noble (BKS) fell 28%, after posting quarterly results.
In after-hours action, Con-way (CNW) is up 35% on a report from Bloomberg News that the company is a potential $3 billion takeover cash target from XPO Logistics (XPO). Also, Palo Alto Networks (PANW) is up about 5%, after posting quarterly results. On the other hand, Krispy Kreme Doughnuts (KKD) is down 15%, after announcing its own quarterly results.
Looking ahead to Thursday morning, lululemon athletica (LULU) headlines the earnings calendar. Deckers Outdoor (DECK) will also be hosting its annual investor meeting. On the economic front, we'll get a look at import prices and the weekly initial jobless claims before the opening bell.