A major price change for Mylan’s EpiPen 2-Pak

Wall Street is adding to Wednesday’s losses. All three major averages (^DJI, ^GSPC, ^IXIC) were lower in early trading, as investors remained cautious ahead of a key speech by Fed Chair Janet Yellen Friday and despite some strong economic data.

The number of people filing for first-time jobless benefits fell for the third straight week. Initial unemployment claims fell by 1,000 to a seasonally adjusted 261,000 for the week ended Aug. 20, according to the Labor Department. Separately, the Commerce Department reported that orders for durable goods increased by 4.4% last month. That was better than economists were expecting.

EpiPen price cut

Mylan (MYL) shares got a nice shot in the arm in early trading, halting its recent losing streak. The biotech firm said it will cut the cost of its EpiPen by half, through a savings card which will cover up to $300 of the EpiPen 2-pak. The move comes after increased pressure from Congress and Hillary Clinton over the skyrocketing cost of the allergy treatment.

Tiffany (TIF) shares were sharply higher this morning after the high-end jewelry retailer delivered earnings that handily beat expectations. However, revenue missed estimates due to weaker than expected sales at existing stores, as fewer tourists visited the retailer and a strong dollar hurt revenue in overseas markets.

Dollar Tree (DLTR) shares got marked down in early trading. The discount retail chain reported a slight miss on both its top and bottom lines for the second quarter, as same-store sales came in weaker than expected. The company blamed the shortfall on a challenging retail environment.

Workday (WDAY) posted a wider than expected loss for the second quarter due to rising expenses. But revenue topped analysts’ estimates with sales soaring 34% from a year ago as more customers subscribed to its services.

HP (HPQ), the PC and printer arm of Hewlett-Packard, gave a disappointing outlook for the current quarter as earnings and revenue shrank last quarter. However, the results were still better than expected and personal computer revenue was flat after five quarters of declines.

Companies preparing for tax shake-up

The European Commission today rejected US complaints that the EU’s probes into deals stuck by Apple (AAPL) and other American companies amount to a power grab. A White Paper released by the US Treasury said the US is considering potential responses. The issue here is how companies like Apple have lowered their tax bills by moving some operations to Europe.

Silicon Valley drop off

Silicon Valley is not the hotbed of startup activity that it used to be. A new ranking from the Kauffman Foundation shows that the San Jose, California area has slipped to 8th place from third place last year and first place two years ago. Austin, Texas, took the top spot, same as last year. The ranking doesn’t mean the Valley is losing its luster as an innovation hub, but that its high costs are pushing entrepreneurs to more affordable areas.