Fly Intel: Wall Street's top stories at midday

Stocks opened lower and moved in a wide range all morning, though the averages have taken a marked turn to the downside in the last half hour or so. The Nasdaq is down for the ninth time in the past ten sessions and continues to be the loss leader today. There has been little in the way of an earnings catalyst and the day's economic reports were in line with expectations. Meanwhile, amid the ongoing Saudi drama, oil prices continue their slide and are now back below $70 a barrel. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 5,000 to 210,000 in the week ended October 13. The Philly Fed index dipped 0.7 ticks to 22.2 in October, which was a little better than forecast. The leading economic indicators index rose 0.5% to 111.8 in September, which is a fresh record peak and a little better than forecast. Additionally, Treasury Secretary Steve Mnuchin announced that, after meeting with President Trump and Secretary of State Mike Pompeo, they have decided he will not be participating in the Future Investment Initiative summit in Saudi Arabia. COMPANY NEWS: Novartis (NVS) reported mixed Q3 results, with core EPS that narrowly topped consensus and revenue that missed the average forecast, while also backing its view of FY18 core operating income growth. Additionally, the company announced a deal to acquire Endocyte (ECYT) for $24 per share, or a total equity value of approximately $2.1B in cash. Endocyte shares are up 50% near noon following the news, while Novartis shares trading in New York are up 1%... Shares of Travelers (TRV) fell 2% despite the Dow member reporting Q3 earnings and revenue that topped estimates. The insurer also noted that its adjusted book value per share is up 4% from year-end 2017... Coca-Cola (KO) announced key changes in top leadership, including the election of a new president and chief operating officer and a succession plan for the chief financial officer. Brian Smith was selected to serve as president and COO, effective Jan. 1, 2019. John Murphy, who currently serves as president of the company's Asia Pacific group, will become executive vice president and CFO on March 16, 2019, following the retirement of Kathy Waller. MAJOR MOVERS: Among the noteworthy gainers was Acadia (ACHC), which rose 8% after Reuters reported that the company is in talks with private equity firms about selling itself. Also higher was Alcoa (AA), which gained 7.5% after reporting quarterly results. Among the notable losers was Apellis (APLS), which dropped 18% after the company voluntarily implemented a temporary pause in dosing in its Phase 3 geographic atrophy program. Also lower was Snap-On (SNA), which fell nearly 9% after reporting quarterly results. INDEXES: Near midday, the Dow was down 342.55, or 1.33%, to 25,364.13, the Nasdaq was down 140.22, or 1.83%, to 7,502.49, and the S&P 500 was down 38.02, or 1.35%, to 2,771.19.