Stocks fell sharply after Alcoa cut its global demand outlook and Chevron warned of lower earnings. Also, job openings fell for a second month in August, down by 32,000 to 3.561 million from a revised 3.593 million the month before. Alcoa reported third-quarter profit that topped expectations on increased demand from airplane and automobile makers, but trimmed its forecast for the world’s appetite for the metal it produces, citing China’s economic slowdown. Alcoa fell 4.6%, while Chevron lost 4.2%. Wal-Mart rose 1.7% after the co. said it would add U.S. stores after a “very strong” back-to-school season. Also, Yum Brands rallied 8.0% a day after the co. reported better-than-expected quarterly income on increased sales in the United States and China. Facebook led losses in tech sector, giving up 2.9% in the wake of concerns about the social network’s revenue estimates for next year and issues surrounding its mobile-ad business. Also, a media report said that Facebook had fought the SEC over divulging more information about its mobile-ad business prior to the company’s initial public offering last May. Zynga lost 3.5% after Piper Jaffray downgraded the social-game company to a neutral from overweight, citing in a research note that a drop in bookings this year will likely continue into 2013. EBay rose 1.2% after the firm unveiled a major redesign of its home page. Microsoft slid 1% a day after CEO Steve Ballmer said that Netflix CEO Reed Hastings would step down from Microsoft’s board of directors next month.
