Stocks Trade Little Changed, Tiffany Beats Expectations

U.S. stocks traded little changed early on Wednesday, as Tiffany & Co. raised its profit forecast. The Dow Jones Industrial Average lately fell 3.79 points, or 0.02%, to 17,102.91. The S&P 500 wad down 1.13 point, or 0.06%, to 1,998.89. The Nasdaq Composite lost 7.68 points, or 0.17%, to 4,562.96.

Luxury jewelry Tiffany & Co. reported better-than-expected second quarter earnings results Wednesday morning, beating the Wall Street forecast on both profit and revenue. It reported $992.9 million in second quarter revenue, up 7% compared to the year-ago quarter and higher than the $989 million analyst consensus. Net income rose 16% to $124 million.

Warren Buffett’s Berkshire Hathaway Inc. is providing $3 billion of financing for Burger King Worldwide Inc.’s planned takeover of Tim Hortons Inc. and will earn 9 percent annual interest on the investment.