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Byline: DAVID SAITO-CHUNG
An early rally gave way to a third straight drop for NYSE-listed stocks Wednesday. The Dow, up 1.1% intraday, ended off 0.5%. The S&P 500 lost less than 0.1 point.
Food-related stocks had a savory session. Tricon Global Restaurants gained 0.84 to 50.59, clearing a two-week consolidation to a new high on heavy trade. The stock began breaking out of a four-month cup-without-handle base on Oct. 16 and surpassed its pivot point of 45.85 on Oct. 19. On Oct. 23 it pulled back sharply, but didn't fall 7%-8% below the pivot.
The operator and franchiser of Pizza Hut, Taco Bell and KFC restaurants appointed Peter Hearl as executive VP and "chief people officer."
Darden Restaurants also gapped up at the open, rising 1.82 to 32.02. It is in today's Chart Watch on B6. After the close, the Red Lobster and Olive Garden chain operator said same-store sales rose 7%-8%, thanks to higher prices and more customers.
Supervalu ended a six-day losing skid, up 56 cents to 21.34. The operator of Cub Foods, Shop 'N Save and Scott's Foods has been in an uptrend since May and is fighting to stay above its 50-day moving average.
General Mills gapped up at the open and ran as high as 46.85, good for a new high. But it ...