Market Minute: McDonald's Spices Things Up; Tiffany Earnings Shine

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A new offering from a fast-food giant, and waving the white flag on an investment in J.C. Penney. Those stocks and more are what's making news Tuesday.

The Dow Jones industrial average (^DJI) fell 64 points Tuesday. The Dow has now tumbled more than 700 points since setting an all-time high at the beginning of this month. The Standard & Poor's 500 (^GSPC) lost 6 points and the Nasdaq composite index (^IXIC) edged just barely lower.

In this July 11, 2013 photo, a McDonald's marquis is illuminated in New York's Times Square. (AP Photo/Mark Lennihan)
Mark Lennihan/AP
McDonald's (MCD) is preparing a spicy new menu item. It will begin offering chicken wings on Sept. 9, and have them available in all 14,000 restaurants by Sept. 24. But it's a seasonal item and will only be sold through the end of November.

At the other end of the retail spectrum, Tiffany (TIF) reports a 16 percent jump in earnings, led by sales gains in China. The luxury retailer also raised its outlook for the rest of the year.

A controversial hedge fund manager has dumped his entire 18 percent stake in J.C. Penney (JCP). Bill Ackman resigned from the company's board a few weeks ago after a failed effort to oust the company's CEO. Last week Ackman called his investment in the struggling retailer "a mistake," losing an estimated $500 million on the trades.

The founder of Best Buy (BBY) recently dropped his bid to buy the company. Now he's looking to sell some of his 70 million shares in the electronics retailer. He is the company's largest shareholder.

JP Morgan Chase (JPM) has been ordered to pay $50 million in damages to a billionaire investor. He accused the company of filling his account with risky subprime mortgage investments back in 2008.

And Sirius XM Radio (SIRI) is being sued for allegedly failing to pay royalties for the music it plays that was recorded before 1972. A trade group that collects royalties is asking for up to $100 million in damages.

-Produced by Drew Trachtenberg.


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9 Comments

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Sekinu2

They have had the wings out here for about a year testing them and they are not good. they are dry breaed wings deep fried with sprinkle spices on them no sauces.

August 27 2013 at 2:34 PM Report abuse -1 rate up rate down Reply
alfredschrader

Super size order of hotwings, jumbo fries, supersize drink. I'm good for the rest of the day....mmmmm.

August 27 2013 at 1:41 PM Report abuse -1 rate up rate down Reply
madddddddddddddd

this never seemssssssss tooooooooooooooo end

August 27 2013 at 12:12 PM Report abuse -1 rate up rate down Reply
Bob

Why are some items always \"seasonal\"? Either sell them or don\'t. Most local pizza shops sell wings all year. Seasonal! Bahh!

August 27 2013 at 11:34 AM Report abuse -1 rate up rate down Reply
1 reply to Bob's comment
ncinkman

Seasonal is code for trial run. If it takes off they will decide to keep selling them due to "overwhelming demand." This is marketing 101.

August 27 2013 at 1:13 PM Report abuse -1 rate up rate down Reply
wilhug

McDonalds or Burger King are missing out by not selling hot dogs, and American institution.

August 27 2013 at 10:50 AM Report abuse -1 rate up rate down Reply
dungal1

The fattening of America continues. Thanks McFatso's.

August 27 2013 at 10:33 AM Report abuse -2 rate up rate down Reply
plainepetey

How about an Angus Burger ?!

August 27 2013 at 10:07 AM Report abuse rate up rate down Reply
Mel

Stupidity reigns at Mickey D's. Spicy chicken wings offered from September 24th through the end of November. If they had any brains, they would continue the offer through Super Bowl Sunday with special marketing for that time. Mickey D's assumes that customers come there every day an it will take only a millisecond for them to decide whether they like the chicken wings or not. If they do, Mickey D's will quickly discontinue the offer. Reminds me of the brain children who ran GM and Chrysler before the bankruptcy. Mickey D's stock cannot get out of its own way. Do I hear J.C. Penny wannabe?

August 27 2013 at 9:34 AM Report abuse -1 rate up rate down Reply