Market Minute: McDonald's Spices Things Up; Tiffany Earnings Shine


A new offering from a fast-food giant, and waving the white flag on an investment in J.C. Penney. Those stocks and more are what's making news Tuesday.

The Dow Jones industrial average (^DJI) fell 64 points Tuesday. The Dow has now tumbled more than 700 points since setting an all-time high at the beginning of this month. The Standard & Poor's 500 (^GSPC) lost 6 points and the Nasdaq composite index (^IXIC) edged just barely lower.

In this July 11, 2013 photo, a McDonald's marquis is illuminated in New York's Times Square. (AP Photo/Mark Lennihan)
Mark Lennihan/AP

McDonald's (MCD) is preparing a spicy new menu item. It will begin offering chicken wings on Sept. 9, and have them available in all 14,000 restaurants by Sept. 24. But it's a seasonal item and will only be sold through the end of November.

At the other end of the retail spectrum, Tiffany (TIF) reports a 16 percent jump in earnings, led by sales gains in China. The luxury retailer also raised its outlook for the rest of the year.

A controversial hedge fund manager has dumped his entire 18 percent stake in J.C. Penney (JCP). Bill Ackman resigned from the company's board a few weeks ago after a failed effort to oust the company's CEO. Last week Ackman called his investment in the struggling retailer "a mistake," losing an estimated $500 million on the trades.

The founder of Best Buy (BBY) recently dropped his bid to buy the company. Now he's looking to sell some of his 70 million shares in the electronics retailer. He is the company's largest shareholder.

JP Morgan Chase (JPM) has been ordered to pay $50 million in damages to a billionaire investor. He accused the company of filling his account with risky subprime mortgage investments back in 2008.

And Sirius XM Radio (SIRI) is being sued for allegedly failing to pay royalties for the music it plays that was recorded before 1972. A trade group that collects royalties is asking for up to $100 million in damages.

-Produced by Drew Trachtenberg.