On The Fly: Top stock stories at midday

Stocks opened deep in negative territory, in part due to a post-earnings slide in shares of Dow member Walmart (WMT). The averages soon turned mixed, with the Nasdaq moving into positive ground and the S&P hugging the flat line. The Nasdaq has continued to tack on gains throughout the morning while the Dow has largely cut its losses, though the bluechip index remains fractionally lower near noon. ECONOMIC EVENTS: In the U.S., no economic data of note was reported. In Europe, Germany's ZEW Current Situation reading for February was 92.3, which was below the consensus forecast of 93.9, while the Expectations reading of 17.8 topped the expected reading of 16. In Asia, Japan's trade numbers were released over the weekend. Japanese exports rose 12.2% in January from a year earlier, versus expectations for them to be up 9.4%, while imports were about in-line with expectations with an increase of 7.9%. COMPANY NEWS: Shares of Walmart have slid 9% after the retail giant reported fourth quarter adjusted earnings that missed expectations, which had been edging higher during the quarter. The midpoint of Walmart's profit outlook for the new fiscal year also came in below the consensus forecast... Another Dow member and retailing heavyweight, Home Depot (HD), beat earnings expectations when the negative impact of tax reform on the fourth quarter is excluded. The home improvement titan also gave a better than expected profit forecast for FY18 and upped its quarterly dividend by about 16%, helping its stock gain a bit over 1%... Qualcomm (QCOM) announced that the company has reached an agreement with NXP Semiconductors (NXPI) to increase to $127.50 per share its previously announced cash tender offer to purchase all outstanding shares of NXP. In response, vocal NXP shareholder Elliott Advisors said it believes this to be a "positive outcome for all NXP shareholders" and looks forward to supporting the transaction. On the other side of the equation, Broadcom Limited (AVGO) said that by raising its offer Qualcomm's board of directors and management have "transferred" $6.2B of value from Qualcomm stockholders to NXP stockholders, which "demonstrates the Qualcomm board's disregard for its fiduciary duty." In light of Qualcomm's decision, Broadcom is "evaluating its options" regarding its previously announced "best and final" offer to acquire Qualcomm for $82 per share in cash and stock... Albertsons announced a definitive merger agreement under which the privately held company will merge with publicly traded Rite Aid (RAD). Depending upon the results of shareholder elections, upon closing of the merger, shareholders of Rite Aid will own a 28% to 29.6% stake in the combined company, and current Albertsons shareholders will own a 70.4% to 72% stake in the combined company on a fully diluted basis. Following the deal announcement, Rite Aid's stock rose 6c, or 3%, to $2.19 per share. MAJOR MOVERS: Among the notable gainers was Fogo de Chao (FOGO), which jumped 25% after the restaurant operator announced an agreement to be acquired by Rhone Capital in an all cash transaction valued at $560M, or $15.75 per Fogo share. Also higher was Voyager Therapeutics (VYGR), which gained 23% after announcing an exclusive strategic collaboration and option agreement with AbbVie (ABBV) to develop and commercialize treatments of Alzheimer's disease and other neurodegenerative diseases. Among the noteworthy losers was MiMedx (MDXG), which sunk 35% after the company delayed its Q4 report as it conducts an internal investigation into current and prior-period matters relating to allegations regarding certain sales and distribution practices. Also lower was Ubiquiti Networks (UBNT), which fell 23% after the company disclosed that the SEC issued subpoenas to the company and certain of the company's officers requesting documents and information relating to a range of topics, including accounting practices, financial information, auditors, international trade practices, and relationships with distributors and various other third parties. INDEXES: Near midday, the Dow was down 53.87, or 0.21%, to 25,165.51, the Nasdaq was up 54.31, or 0.75%, to 7,293.78, and the S&P 500 was up 4.37, or 0.16%, to 2,736.59.