Dow, S&P 500 Strengthen After Obama Speaks; Nasdaq Dips on Apple
Citigroup expects to record pretax charges of about $1 billion in the fourth quarter of 2012 and roughly $100 million of related charges in the first half of 2013.
Pandora Media (P) said third-quarter earnings more than tripled to $2 million as revenue rose 60% to $120 million. But the Internet radio company on Tuesday issued a downbeat forecast for the fourth quarter. Shares plunged 17.5%.
Mattress Firm (MFRM) reduced its adjusted earnings outlook for the year as traffic at the specialty bedding retailer decelerates. Shares tumbled 21.9%.
Chipmaker Altera (ALTR) said Tuesday it expects fourth-quarter sales to fall 8% to 10% from third-quarter sales of $495 million; it previously forecast sales to drop 6% to 8%. The company cited weak demand for its older products. Shares declined 3.7%.
The Securities and Exchange Commission launched an inquiry into a $10 million sale of stock by Big Lots (BIG) CEO Steven Fishman before the company announced news that sank the stock, a person familiar with the inquiry told The Wall Street Journal .
Big Lots said Fishman announced his retirement on Tuesday. The retailer said it hadn't been contacted by the SEC and that Fishman's retirement was coincidental to any regulatory interest, the newspaper reported. Shares slid 3.9%.
Nokia (NOK) ADRs popped 12.8% after the Finnish mobile phone company announced with China Mobile the Lumia 920T, the first TD-SCDMA Windows phone in China.
Nokia also rolled out the Nokia Lumia 620, the third and most affordable in its range of Windows Phone 8 smartphones.
-- Written by Andrea Tse and Joe Deaux in New York.
>To contact the writer of this article, click here: Andrea Tse .