On The Fly: Top stock stories for Wednesday

Stocks opened slightly lower as Dow component Nike (NKE) weighed on the blue chip index as the stock slid following the athletic apparel maker's earnings report. The averages remained mixed for most of the session, with the Dow lagging the S&P and Nasdaq and while the Dow made it nearly all the way back it finished slightly in the red. Investors may be sidelined ahead of tomorrow's House vote on the Republican healthcare bill intended to replace the ACA. Amid the quiet trading, the world's attention was fixed on London after a police officer and two others were killed and a number of people were injured in a terrorist attack that occurred outside Parliament. ECONOMIC EVENTS: In the U.S., the FHFA home price index was flat in January at 242.6 after a 0.4% increase to 242.5 in December. Existing home sales fell 3.7% to a 5.48M rate in February, more than erasing the 3.3% bounce seen in January. Crude oil inventories showed a 4.95M barrel build, versus the consensus forecast for a 3M barrel increase. In Asia, Japan's exports increased at an annualized 11.3% rate in February, while imports rose 1.2%. COMPANY NEWS: Shares of Nike dropped 7% after the sneaker king posted third quarter revenue slightly below consensus expectations and reported worldwide futures orders were down 1%, excluding the impact of currency. However, the company beat earnings per share estimates for the quarter... Conversely, FedEx (FDX) gained 2% despite worse than expected third quarter earnings per share. The shipper reported slightly stronger than forecasted revenue and also provided an optimistic outlook for margins in the near-term... Meanwhile, PPG (PPG) announced that it made a revised proposal to acquire AkzoNobel (AKZOY) for EUR90 per ordinary share in cash and stock, or $26.3B. This represents an increase of EUR7.00 per ordinary share from PPG's initial offer, though AkzoNobel has once again rejected the tie-up proposal... General Electric (GE) disclosed that, based on discussions with Nelson Peltz's Trian Fund Management, it has increased its targeted reduction in Industrial structural costs and modified the performance framework for the members of the company's executive management team to reward them based on the new goals... AT&T (T) and Verizon (VZ) are putting much of their advertising spending with Google (GOOG; GOOGL) on hold, excluding search ads, over concerns that their ads may have run alongside controversial videos, according to media reports. MAJOR MOVERS: Among the notable gainers was Duluth Holdings (DLTH), which advanced 14% after the company reported better than expected fourth quarter results and guidance. Also higher was Snap Inc. (SNAP), which gained about 7% to $21.82 after Drexel analyst Brian White initiated the stock with a Buy rating and $30 price target, becoming the second Wall Street research firm to start coverage of the Snapchat parent with a positive recommendation. Among the noteworthy losers was Sears Holdings (SHLD), which fell 12% after the company said that there was "substantial doubt" that it could continue as a going concern, as bricks-and-mortar stores continue to face challenges in an e-commerce world. Also lower was Simon Property Group (SPG), as the mall owner that has a partnership with Sears dropped 2%. Additionally, Frontier Communications (FTR) declined over 10% after Goldman Sachs analyst Brett Feldman downgraded the stock to Sell, saying weakening fundamentals may cause Frontier to suspend its dividend after the first quarter payment. INDEXES: The Dow fell 6.71, or 0.03%, to 20,661.30, the Nasdaq gained 27.82, or 0.48%, to 5,821.64, and the S&P 500 advanced 4.43, or 0.19%, to 2,348.45.