Summary: Stocks pulled back from record highs in midday trading Wednesday despite positive earnings results from retailers. Investors are awaiting the release of Fed minutes from their last policy meeting for hints on the timing of interest rate increases. Retailers Lowe's (LOW), Staples (SPLS) and Target (TGT) are rising after beating estimates. Shares of Tesla (TSLA) are tanking after Morgan Stanley (MS) slashed its forecasts for Tesla's Model X deliveries and earnings. Tesla has repeatedly delayed the launch of this crossover electric vehicle. In a cost-cutting move, Darden Restaurants (DRI) is removing a layer of operations for its flagship chain the Olive Garden. This would eliminate about 60 jobs. The company also plans to stop using its corporate plane and sell it. All totaled, the company is hoping for nearly $20 million in annual savings.
