Midway through trading Wednesday, the Dow traded up 0.18
percent to 16,937.17 while the NASDAQ surged 0.35 percent to
4,406.90. The S&P also rose, gaining 0.21 percent to
Leading and Lagging Sectors
On Wednesday, the telecommunications services sector proved to
be a source of strength for the market. Leading the sector was
strength from Internet Gold Golden Lines (NASDAQ:
) and NQ Mobile (NYSE:
Utilities shares fell around 0.23 percent in trading on
Wednesday. Top losers in the sector included Vectren (NYSE:
), down 1.9 percent, and Atmos Energy (NYSE:
), off 1 percent.
On Tuesday, Alcoa (NYSE:
) reported stronger-than-expected fiscal second-quarter
Alcoa posted its quarterly earnings of $138 million, or $0.12
per share, versus a year-ago loss of $119 million, or $0.11 per
share. Excluding certain items, it earned $0.18 per share.
Its revenue came in at $5.84 billion. However, analysts were
projecting earnings of $0.12 per share on revenue of $5.63
Equities Trading UP
) shares shot up 15.43 percent to $35.74 after the company
reported upbeat fiscal fourth-quarter results. AeroVironment
reported its quarterly earnings of $0.35 per share on revenue of
Shares of Alcoa (NYSE:
) got a boost, shooting up 4.04 percent to $15.45 after the
fiscal second-quarter results. Alcoa posted its adjusted earnings
of $0.18 per share on revenue of $5.85 billion. However, analysts
were projecting earnings of $0.12 per share on revenue of $5.63
Lexicon Pharmaceuticals (NASDAQ:
) shares were also up, gaining 3.18 percent to $1.62. Lexicon and
JDRF have collaborated for Phase 2 clinical trial of LX4211 in
Type 1 Diabetes.
Equities Trading DOWN
Shares of The Container Store Group (NYSE:
) were down 10.93 percent to $24.11 after the company reported a
fiscal first-quarter loss and issued a downbeat forecast for full
Salix Pharmaceuticals (NASDAQ:
) shares tumbled 3.96 percent to $131.84 after the company
agreed to merge
with a unit of Cosmo Pharmaceuticals SpA.
MSC Industrial Direct Co (NYSE:
) was down, falling 3.97 percent to $89.67 after the company
reported Q3 earnings of $1.06 per share on revenue of $720.50
million. The company also issued a weak Q4 earnings outlook.
In commodity news,
oil traded down 0.91 percent
to $102.46, while gold traded up 0.69 percent to $1,325.60.
Silver traded up 0.63 percent Wednesday to $21.15, while
copper rose 0.12 percent to $3.26.
The eurozone's STOXX 600 fell 0.08 percent, the Spanish Ibex
Index gained 0.49 percent, while Italy's FTSE MIB Index surged
Meanwhile, the German DAX gained 0.25 percent and the French
CAC 40 rose 0.42 percent while UK shares tumbled 0.34
The MBA reported that its index of mortgage application
activity gained 1.9% in the week ended July 4.
Crude stockpiles declined 2.4 million barrels for the week
ended July 4, the US Energy Information Administration reported.
However, analysts were expecting a drop of 3 million barrels.
Gasoline supplies climbed 600,000 barrels, while distillate
stockpiles rose 200,000 barrels.
The Federal Open Market Committee will issue minutes of its
latest meeting at 2:00 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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