Fly Intel: Wall Street's top stories at midday

Stocks began the morning mixed as the Dow and S&P struggled following comments from President Trump regarding the potential for an additional $500B in tariffs on goods from China and his negative comments regarding the Fed's plan to raise interest rates. The Nasdaq was able to open higher thanks in part to Microsoft (MSFT) shares which were higher following its solid earnings report. There was little else for the market to key in on as the economic calendar was quiet but as the morning progressed, the averages moved higher until all three were back in positive territory. ECONOMIC NEWS: In the U.S., equities reversed lower after President Trump doubled down on potentially imposing tariffs on $500B in Chinese goods and fresh barbs against yuan and euro weakness. Meanwhile, the president tweeted that tightening now "hurts all that we have done" and that the U.S. "should be allowed to recapture" anything lost due to "illegal currency manipulation and BAD Trade Deals." In Fed news, St. Louis Federal Reserve president James Bullard said that the yield curve is a bearish signal on the economy. In addition, Bullard commented on Trump's policy references, saying that the president can comment on monetary policy, but it is up to the Fed to take the best actions to achieve its dual mandate. COMPANY NEWS: Shares of General Electric (GE) were 5.1% lower after the company reported earnings for the second quarter and said it sees its earnings per share for fiscal 2018 to be at the low end of the $1.00-$1.07 range. Of note, the industrial conglomerate said that it expects the Power market to remain "challenging" and that its Power business problems are a "multi-year fix"... Microsoft shares, meanwhile, rose 2.4% after the software and technology giant reported better than expected results for the fourth quarter, with its revenue in Productivity and Business Processes growing 10% year-over-year in constant currency. Of note, LinkedIn revenue increased 34% in constant currency int he quarter, with continued acceleration in engagement highlighted by LinkedIn sessions growth of 41%... Shares of Honeywell (HON) were also up, gaining 3.7% after reporting upbeat quarterly earnings and raising its earnings and revenue guidance for fiscal 2018. The company said that its organic sales growth in the quarter was driven by continued strength in its Aerospace segment as well as demand for Intelligrated warehouse automation solutions... Additionally, Platform Specialty Products (PAH) shares fell 3.5% after the company said it agreed to sell its Agricultural Solutions business, which consists of Arysta LifeSciences and its subsidiaries, to UPL Corporation for $4.2B in cash. Following the sale, Platform Specialty Products plans to rebrand as Element Solutions. MAJOR MOVERS: Among the noteworthy gainers was PTC Therapeutics (PTCT), which rose just over 8% after it agreed to acquire Agilis Biotherapeutics. Also higher were Limelight Networks (LLNW) and VF Corp. (VFC), which gained a respective 8.5% and 4.2% after reporting quarterly results. Among the notable losers was Skechers (SKX), which plunged 22.5% after it reported lower-than-expected quarterly earnings and provided downbeat guidance for the third quarter. Also lower after reporting quarterly results were State Street (STT) and Skyworks (SWKS), which fell 6.2% and 4.8%, respectively. INDEXES: Near midday, the Dow was up 20.93, or 0.08%, to 25,085.43, the Nasdaq was up 9.33, or 0.12%, to 7,834.62, and the S&P 500 was up 2.39, or 0.08%, to 2,806.88.