On The Fly: Top stock stories at midday

Stocks began the session with modest losses. The day's economic reports had little effect on the market as investors appear content to sit on the sidelines and await President Trump's speech tonight before Congress. Oil prices are lower by roughly 1.3% ahead of the release of the API data released after the close today. ECONOMIC EVENTS: In the U.S., advance goods trade deficit widened -$69.2B in January, more than expected, with exports dipping 0.3% and imports up 2.3%. December Case Shiller home price index rose 3.2% to 192.61 in the 20-City measure after November's 0.18% increase to 192.00. Fourth quarter GDP was not revised, keeping the 1.9% pace from the Advance report. Chicago PMI jumped 7.1 points back to 57.3 in February after dropping 3.6 points to 50.3 in January. Consumer confidence rose 3.2 points to 114.8 in February, more than reversing the 1.7 point slip to 111.6 in January. Richmond Fed's manufacturing index rose 5 points to 17 in February after a 4 point increase to 12 in January. In Asia, Japan industrial production fell 0.8% in January, the first time in six months, while retail sales rose 0.5% from a month ago, which was better than expected. COMPANY NEWS: Shares of Target (TGT) have plunged about 11.5% near noon after the retailer announced sales and earnings for the quarter that missed expectations amid a disappointing holiday season. The company also said it would move prices further down market and accept lower profit margins as a result. Additionally, Target will remodel over 600 stores and open 100 smaller ones by 2019, while planning to introduce a dozen new brands in areas like apparel and homegoods... President Donald Trump will address a joint session of Congress tonight, with the speech expected to outline the new administration's ambitious near-term policy agenda. Tax reform, immigration and the repeal and replace of the Affordable Care Act will likely be among the several topics Trump will touch. Meanwhile, several refiners stocks are on the rise near noon, including CVR Energy (CVI), CVR Refining (CVRR), Delek US (DK), HollyFrontier (HFC), PBF Energy (PBF), and Valero Energy (VLO), amid reports that a plan from adviser Carl Icahn and the Renewable Fuels Association to shift the point of obligation for renewable credits away from refiners in under consideration by the White House. MAJOR MOVERS: Among the notable gainers was Priceline (PCLN), which advanced 6% after the company reported earnings and revenue that beat analysts' expectations. Also higher was Hertz (HTZ), which gained about 7% despite a bigger than expected loss and revenue miss for the quarter. Additionally, Silver Bay Realty (SBY) rose over 18% after being acquired by Tricon Capital for $21.50 per share in cash. Among the noteworthy losers was GameStop (GME), which slid more than 5% after Microsoft (MSFT) announced a new gaming subscription service for its Xbox. Also lower was Valeant Pharmaceuticals (VRX), which slipped almost 10% despite reporting better than expected quarterly profit. Additionally, Signet Jewelers (SIG) dropped over 8% before being halted after the Washington Post uncovered a class action lawsuit accusing company leaders of presiding over a culture that fostered sexual harassment and discrimination. The company has since responded to the claims, calling the media reports "distorted and inaccurate." INDEXES: Near midday, the Dow was down 18.03, or 0.09%, to 20,819.41, the Nasdaq was down 26.10, or 0.45%, to 5,835.80, and the S&P 500 was down 5.31, or 0.22%, to 2,364.44.