U.S. stocks ended lower on Wednesday, as Federal Reserve Chairwoman Janet Yellen spooked investors by warning of potential pitfalls for investors. The Dow Jones Industrial Average fell 86.22 points, or 0.48%, to 17,841.98. The S&P 500 fell 9.31 points, or 0.45%, to 2,080.15. The Nasdaq Composite lost 19.68 points, or 0.40%, to 4,919.64.
Federal Reserve Chair Janet Yellen on Wednesday pointed to high valuations in the stock market and said the central bank needs to keep close tabs on the non-bank lending sector.
Just weeks after returning to the helm of the company he founded, Zynga Inc. Chief Executive Mark Pincus is slashing nearly a fifth of the videogame company’s workforce to focus on making fewer, higher-quality games. The announcement Wednesday of steep job cuts came as Zynga showed progress in turning around its business.
Wendy’s announced plans Wednesday to sell 640 of its company-owned restaurants in the United States and Canada. It intends to sell 380 restaurants this year and another 260 in 2016.
SpaceX chalked up another big test flight Wednesday, firing a capsule into the air to try out its new, super-streamlined launch escape system for astronauts.
Keurig Green Mountain Inc. (GMCR) on Wednesday reported fiscal second-quarter profit of $155.5 million. It had net income of 97 cents per share. Earnings, adjusted for amortization costs and non-recurring costs, came to $1.03 per share.
Rupert Murdoch-controlled Twenty-First Century Fox Inc reported a 1.2 percent rise in quarterly adjusted revenue. Net income attributable to shareholders fell to $975 million, or 46 cents per share, in the third quarter ended March 31, from $1.05 billion, or 47 cents per share, a year earlier. Revenue fell to $6.84 billion from $8.22 billion.
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