Following the market opening Wednesday, the Dow traded up 0.33
percent to 17,117.05 while the NASDAQ jumped 0.60 percent to
4,442.86. The S&P also rose, gaining 0.38 percent to
Leading and Lagging Sectors
In trading on Wednesday, basic materials shares were relative
leaders, up on the day by about 0.87 percent. Meanwhile, top
gainers in the sector included Noranda Aluminum Holding (NYSE:
), up 4.6 percent, and Cliffs Natural Resources (NYSE:
), up 3.4 percent.
Utilities shares dropped by 0.04 percent in the US market on
Wednesday. Top losers in the sector included National Fuel Gas
), down 1.1 percent, and Atmos Energy (NYSE:
), off 0.7 percent.
Bank of America (NYSE:
) reported a
in its second-quarter earnings.
The bank's quarterly profit declined to $$2.29 billion, or
$0.19 per share, versus a year-ago profit of $4.01 billion, or
$0.32 per share. The latest quarter results included a litigation
charge of $4 billion, or $0.22 per share.
Its revenue slipped 4% to $21.96 billion. However, analysts
were expecting earnings of $0.27 per share on revenue of $21.65
Equities Trading UP
Time Warner (NYSE:
) shares shot up 18.11 percent to $83.87 after the company
confirmed that it rejected a proposal from Twenty-First Century
) to acquire all of the outstanding shares of the company.
Shares of Intel (NASDAQ:
) got a boost, shooting up 6.72 percent to $33.84 after the
Q2 earnings. Analysts at UBS upgraded Intel from Neutral to Buy
and raised the target price from $30 to $37.50.
HCA Holdings (NYSE:
) shares were also up, gaining 7.73 percent to $59.48 after the
company lifted its 2014 earnings forecast.
Equities Trading DOWN
Shares of Interactive Intelligence Group (NASDAQ:
) were down 15.29 percent to $42.34 as the company warned that Q2
results will be below expectations.
) shares tumbled 3.97 percent to $10.85 on Apple-IBM deal
) was down, falling 3.95 percent to $34.21 after the company
second-quarter results. The company announced it will reduce the
number of shares being offered in the Alibaba IPO from 208
million shares to 140 million shares.
In commodity news,
oil traded up 0.87 percent
to $100.83, while gold traded up 0.46 percent to $1,303.10.
Silver traded down 0.16 percent Wednesday to $20.86, while
copper fell 0.14 percent to $3.25.
today. The eurozone's STOXX 600 gained 1.28 percent, the Spanish
Ibex Index jumped 1.79 percent, while Italy's FTSE MIB Index rose
2.49 percent. Meanwhile, the German DAX climbed 1.36 percent and
the French CAC 40 rose 1.35 percent while UK shares surged 1.09
Industrial production increased 0.2% in June, versus
economists' expectations for a 0.3% gain.
The producer price index gained 0.4% in June, versus a 0.2%
drop in May. However, economists were expecting a 0.3% rise in
The NAHB housing market index increased 4 points to 53 in
July, versus a reading of 49 in June. However, economists were
projecting a reading of 50.
The Federal Reserve will release its latest Beige Book report
at 2:00 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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