Stocks fell Wednesday after the World Bank lowered its global
growth forecasts. The S&P 500 and the Dow Jones Industrials
Average also are ran into strong resistance as the S&P edges
near its 2,000 level and the Dow moved closer to 17,000.
The World Bank overnight shaved its global growth forecast for
2014 to 2.8% from its earlier outlook for 3.2% growth, citing the
unusually cold winter in the U.S. and geo-political tensions in
Ukraine. It also lowered its growth expectations for the U.S. this
year to 2.1% from 2.8% as the impact from this past winter
permeates the domestic economy.
Most industry sectors in the S&P 500 finished in the red,
although energy stocks scratched out moderate gains as crude oil
maintained its perch above $104 per barrel. Shares of Industrial
companies had the worst performance among the 10 sectors, dropping
almost 1.3% as a group.
Also today, airline stocks took the brunt in today's selloff
after Germany's Lufthansa warned its profit this year and in 2015
will likely miss Wall Street expectations, taking the entire
transport sector lower.
Here's where the U.S. markets stood at the end-of-day:
Dow Jones Industrial Average down 102.04 (-0.60%) to
S&P 500 down 6.90 (-0.35%) to 1943.89
Nasdaq Composite Index down 6.07 (-0.1%) to 4331.93
Hang Seng Index down 0.25%
Shanghai China Composite Index up 0.12%
FTSE 100 Index down 0.50%
(+) ULTA, Q1 EPS of $0.77 beats by $0.03 per share. Revenue
rises 22.5% year over year to $713.8 mln, topping consensus view by
$13.86 mln. Sees Q2 revenue of $706 mln to $717 mln, exceeding
estimates by at least $3 mln.
(+) SYNA, Acquires Renesas SP Drivers for $475 mln and raises Q4
revenue outlook by $25 mln to a new range of $300 mln to $310 mln,
topping analyst projections by at least $14.05 mln. Also issue
upside revenue guidance for FY14.
(+) NWBO, Reports interim results from Phase I/II testing of its
DCVax personalized immune therapies, saying all of the cancer
patients whose inoperable tumors were injected with DCVax saw
improvements in their conditions, including one third of the
patients now showing no live tumor cells in the injected tumor.
(-) UNFI, Narrows FY14 profit outlook to a new range of $2.47 to
$2.50 per share, trailing consensus view by at least $0.01. Earns
$0.73 per share in Q3, up from $0.64 per share last year and
matching analyst estimates. Sales rise 13.3%.
(-) BAC, Reportedly reaches an impasse with the Justice
Department in their talks for a multibillion-dollar settlement
linked to the bank's mortgage investments, according to the New
York Times, citing people briefed on the matter.
(-) OREX, FDA extends new drug application review for the
company's experimental weight-loss drug candidate by another three
months to Sept 11 to work out a deal on post-marketing obligations
related to NB32's effect on the heart.
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