Stocks traded in a narrow range early Tuesday as the markets once again lacked the necessary catalyst to push it substantially higher or lower. As we head into afternoon, markets are showing some improvement as the major indexes are starting to climb. Showing higher than average weakness were shares from the US Home Construction sector.
In corporate news, shares of J.C. Penney slumped following the news that activist investor Bill Ackman is resigning from the board of directors after a very public dispute regarding the need for management changes. Investors sent the stock lower on fears that Ackman's Pershing Square Capital could begin to unload its 18% stake, causing further weakness for the stock. And Yum! Brands (NYSE:YUM) reported July sales in China fell by 13% as diners chose to eat at restaurant with more ice cream and drink options during the month. The company has seen market share decline over the last several reports as companies such as Starbucks (SBUX) and McDonald's (MCD) have offered customers better options.
After the bell today, investors will have earnings reports from Myriad Genetics (NASDAQ:MYGN) and SeaWorld Entertainmen (NYSE:SEAS), and on Wednesday morning, earnings reports from Macy's (NYSE:M) and Towers Watson (NYSE:TW).
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