Photo: Reuters

McDonald’s is down more than 3% at 3:00 p.m. after a private forecaster predicted lower sales than company guidance due to bad weather in the Southeast. That’s a bit of an extreme reaction.

Overall, equity markets still are up marginally, but the priced-to-perfection environment leaves some market leaders vulnerable to nasty reverses on any sort of bad news. Apple also dragged markets down as its new iPhone announcement failed to impress.

Some legendary investors are nervous. Julian Robertson late of Tiger Fund likes the FANG stocks but thinks the overall market is bubbly. So does Leon Cooperman of Omega Fund, who today predicted a 5%-8% correction.