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Exchange-traded funds that track the South Korean equity market fell on Wednesday, amid an escalation in tensions between North Korea and the United States. The iShares MSCI South Korea Capped ETF fell 2.3% in its biggest one-day percentage decline since December 2016, extending a 0.9% drop it suffered on Tuesday. At current levels, the fund is trading at its lowest level since early July, though it remains sharply higher for the year, having gained more than 26%. Among other funds, the Deutsche X-trackers MSCI South Korea Hedged Equity ETF fell 1.2% and the First Trust South Korea AlphaDEX Fund was off 3.4%. The Direxion Daily South Korea Bull 3X Shares , a leveraged fund that aims to offer 300% the daily move of its underlying index, was down by 6.5%. Separately, the South Korean Won fell 0.9% against the U.S. dollar. The increase in geopolitical uncertainty came after the Washington Post reported that North Korea had successfully produced a miniaturized nuclear warhead that it can fit inside its missiles. U.S. President Donald Trump said he would respond with “fire and fury like the world has never seen” if the Asian country doesn’t halt its threats. That was followed by reports that North Korea was exploring a ballistic strike aimed at U.S. territory Guam.

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U.S. stocks opened lower on Wednesday as geopolitical concerns reared up, highlighted by North Korea’s threat to launch a missile strike in U.S. territory Guam. The S&P 500 was trading down 0.4%. The Dow lost 64 points to 22020. While, the Nasdaq Composite Index fell the most among U.S. stock indexes, slipping around 0.8%.

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Starbucks Corp. was downgraded to market perform from outperform at BMO Capital Markets on cannibalization concerns in the U.S. Analysts mapped U.S. locations over the past one-, three-, and five-year periods, finding increased instances of overlap. “Not only does this analysis reveal challenges to reaccelerating the comp trajectory, but it also may imply the pace of U.S. development should be slowed going forward,” wrote analysts, led by Andrew Strelzik. Overlap with competing premium coffee purveyors also increased after remaining largely unchanged from 2012 to 2014. Specialty beverage orders in the U.S. have begun to decline, limiting the contribution from this part of the menu. And growth in breakfast sandwiches is slowing. Increased U.S. labor hours, up 10% over the last four to five years, is another margin risk. Starbucks shares are down 1% in Wednesday premarket trading, and down 1.8% for the year to date. The S&P 500 index is up 10.6% for 2017 so far.

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The selloff in Walt Disney Co.’s stock in premarket trade Wednesday can be blamed for the Dow industrials futures’ early weakness. The entertainment company’s stock slumped $5.68, or 5.3%, after the company reported late Tuesday second-quarter revenue that missed expectations, and said it would end its distribution deal with Netflix Inc. . That price decline would shave about 39 points off the Dow Jones Industrial Average’s price , while Dow futures were shedding 29 points. With all 30 of the Dow’s components trading premarket–20 components were declining– Disney’s stock was by far the biggest percentage loser. The second biggest was Microsoft Corp.’s stock , which slipped 1%. The biggest gainer was DuPont & Co.’s stock , which tacked on 1%.

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Teva Pharmaceutical Industries Ltd. shares surged 2.2% in premarket trade Wednesday after Mylan NV said it plans to defer its generic Copaxone launch to its 2018 financial guidance. The multiple sclerosis drug Copaxone is a key product for Teva, and Wall Street analysts say that the sooner Copaxone faces generic competition, the worse off Teva is. The NYSE-listed stock has declined over nine consecutive sessions, with the declines intensifying late last week after the company reported second-quarter earnings. Declining generic drug prices are expected to challenge Teva, other generic drugmakers and drug distributors for at least the rest of the year. Teva shares have plummeted 41.3% over the last three months, compared with a 3.3% rise in the S&P 500 .

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Mylan NV shares plummeted 9.2% in premarket trade Wednesday after the company reported profit and revenue misses and announced 2017 financial guidance that was below consensus. Earnings for the latest quarter rose to $297 million, or 55 cents per share, from $168.4 million, or 33 cents per share in the year-earlier period. Adjusted earnings-per-share were $1.10, below the FactSet consensus of $1.16. Revenue rose to $2.962 billion from $2.561 billion, below the FactSet consensus of $3.022 billion. The company also changed its 2017 guidance, and now expects total revenues for the year between $11.5 billion and $12.5 billion, compared with the FactSet consensus of $12.4 billion. Mylan also expects 2017 adjusted EPS between $4.30 and $4.70, below the FactSet consensus of $5.13. Mylan said the guidance changes reflect the company’s decision to defer all major U.S. launches from 2017 financial guidance to 2018, including generic Advair and generic Copaxone. The change was made “given the region’s ongoing challenges and the uncertain U.S. regulatory environment,” Mylan Chief Executive Heather Bresch said. The company also said it expects high single-digit price erosion in North America, a problem for generic drugmakers that caused their stocks, including Mylan’s, to fall late last week. Mylan shares have dropped 16.4% over the last three months, compared with a 3.3% rise in the S&P 500 .

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Shares of American Airlines Group Inc. fell 0.9% in premarket trade Wednesday, after the air carrier said July load factor declined as capacity growth outpaced a traffic increase. The company said traffic for the month rose 0.8% from a year ago to 21.9 billion revenue passenger miles while capacity increased 1.9% to 26.0 billion available seat miles, sending load factor down to 84.3% from 85.2%. The increase in traffic came as growth in Atlantic, Latin America and Pacific regions offset a decline in domestic traffic. The company affirmed its third-quarter outlook for total revenue per available seat mile (TRASM) to be up 0.5% to 2.5%. The stock has gained 7.1% year to date through Tuesday, while the NYSE Arca Airline Index has eased 0.1% and the S&P 500 has climbed 10.6%.

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Wendy’s Co. shares rose 2.8% in Wednesday premarket trading after the fast-food chain’s second-quarter earnings and revenue beat expectations. Wendy’s reported a net loss of $1.8 million, or one cent per share, after net income of $26.5 million, or 10 cents per share, for the same period last year. Wendy’s attributed the decline to a series of restaurant transactions. Adjusted EPS was 15 cents, ahead of the 13-cent FactSet consensus. Revenue was $320.3 million, down from $382.7 million last year but ahead of the $301.0 million FactSet consensus. The revenue decrease was due to 251 fewer company-owned restaurants year-over-year, the company said. North American same-restaurant sales increased 3.2%. Wendy’s expects 2017 same-restaurant sales to increase 2% to 3% and adjusted EPS of 45 cents to 47 cents. The FactSet EPS consensus is 46 cents. Wendy’s shares are up 12.6% for the year so far, outpacing the S&P 500 index , which is up 10.6% for the period.

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London-based Ferroglobe PLC applauded Wednesday the U.S. Department of Commerce’s determination to impose duties on silicon imports from Australia, Brazil and Kazakhstan. The DOC had initiated its duty investigation after Ferroglobe’s subsidiary Globe Specialty Metals Inc. filed a petition earlier this year against the three countries. U.S. Secretary of Commerce Wilbur Ross said late Tuesday that silicon metal exporters from Australia received countervailable subsidies of 16.23%, those from Brazil received subsidies of 3.69% to 52.07% and exporters from Kazakhstan received subsidies of 120%. Ross instructed U.S. Customs and Border Protection to collect cash deposits from importers from those countries. Ferroglobe said that means more than 54% of silicon metal imports into the U.S. will now be subject to cash deposit requirements. “We are confident that these affirmative preliminary determinations will be the first step in ensuring a more competitive and fair silicon metal market in the United States and we look forward to receiving a favorable outcome in the ongoing antidumping investigations,” said Ferroglobe Executive Chairman Javier Lopez Madrid. Ferroglobe’s stock, which was still inactive in premarket trade, has rallied 40.6% over the past 12 months, while the S&P 500 has gained 13.4%.

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Tribune Media Co. said on Monday it had a net loss of $30.4 million, or 35 cents per share, during its second quarter, which was smaller than the $161.6 million loss, or $1.76 per share, during the same quarter a year ago. The company’s adjusted earnings were 36 cents per share, below FactSet’s consensus of 41 cents. Revenue for the quarter was $469.5 million, down from $479.8 million a year ago, and just below FactSet’s consensus of $473.0 million. The media company said it recently received a request from the Department of Justice for additional information and documentary material in relation to its agreed upon merger with Sinclair Broadcast Group , extending the waiting period for the deal. Shares of Tribune were inactive in premarket trade, but have gained nearly 17% in the year to date, while the the S&P 500 index is up almost 11%.

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