Stocks closed mostly higher, with blue chips and the broader
S&P 500 index posting moderate gains Wednesday following
another batch of mostly positive corporate earning offset by a
steep drop in worker productivity during the first three months of
2014. Shares of consumer staple companies posted some of the day's
best gains, followed closely by energy and industry stocks. But
technology stocks struggled - in particular, internet stocks -
dragging the Nasdaq Composite index lower for a second day in a
Nonfarm business labor productivity fell a larger-than-expected
1.7% during Q1, the Labor Department said today, reversing an
upwardly revised 2.3% gain over the final three months of 2013. The
market consensus was expecting a 1.2% decline, marking the first
drop in productivity in four quarters.
In remarks before a joint House-Senate committee today, Federal
Reserve Chair Janet Yellen told congress members the U.S. economy
continues to improve although job growth remains stubbornly subpar.
"With the harsh winter behind us, many recent indicators suggest
that a rebound in spending and production is already under way,"
Yellen said, noting the overall economy was on track for "solid
growth in the current quarter."
Yellen also she expects interest rates to remain near record
Crude oil for June delivery settled $1.27 higher at $100.77 per
barrel, rising sharply after new weekly data showed a surprise
decline in inventories during the week ended May 2. June natural
gas fell 6 cents to finish at $4.74 per 1 million BTU. June gold
declined 19.40 to $1,288.90 per ounce while July silver slid 30
cents to finish at $19.34 per ounce. July copper lost 3 cents to
settle at $3.03 per pound.
Here's where the U.S. markets stood at end-of-day:
Dow Jones Industrial Average up 117.52 (+0.72%) to 16,518.54
S&P 500 up 10.49 (+0.56%) to 1,878.21
Nasdaq Composite Index down 13.09 (-0.32%) to 4,067.67
Hang Seng Index down 1.05%
Shanghai China Composite Index down 0.89%
FTSE 100 Index down 0.03%
(+) EA, Non-GAAP revenue falls 7% from year-ago levels to $914
mln, still topping consensus by $101.6 mln. Adjusted net income of
$0.48 per share beats by $0.37. OKs $750 mln stock buyback
(+) QTWW, Alternative-fuels company forms long-term partnership
with Ryder (
) to develop a fleet of compressed natural gas-powered trucks. The
companies also plan to work together on improving fuel system
designs in the future.
(+) GCA, Q1 cash earnings of $0.22 per share beat by $0.01.
Revenue rises 2.6% year over year to $150.6 mln, topping Street by
$480,000. FY14 EPS guidance expecting $0.87 to $0.91 exceeds
consensus view by at least $0.05 per share.
(-) END, Adjusted net loss during three months ended March 31
widens compared to year-ago levels. Also warns production during
the current quarter could trail Q1 levels following unexpected
shutdown at one of its North Sea platforms last month.
(-) WFM, (-19.07%) Q2 EPS of $0.38 misses by $0.03 per share.
Revenue climbs 9.7% to $3.32 bln, matching estimates. Lowers FY14
earnings, revenue forecasts, trailing consensus views by at least
$0.05 per share and $20 mln, respectively.
(-) DTLK, Q1 net income of $0.06 per share, ex items, trails
Street view by $0.11. Revenue rises 4.5% year over year to $139.5
mln, lagging estimates by $15.46 mln. Q2 EPS, revenue guidance miss
by $0.08 and $12.32 mln, respectively.