Following the market opening Wednesday, the Dow traded up 0.16
percent to 16,845.42 while the NASDAQ surged 0.09 percent to
4,354.12. The S&P also rose, gaining 0.14 percent to
Leading and Lagging Sectors
In trading on Wednesday, basic materials shares were relative
leaders, up on the day by about 0.54 percent. Meanwhile, top
gainers in the sector included Monsanto Company (NYSE:
), up 5.2 percent, and DRDGOLD (NYSE:
), up 3.9 percent.
Non-cyclical consumer goods & services shares fell around
0.10 percent in the US market on Wednesday. Top decliners in the
sector included General Mills (NYSE:
), SUPERVALU (NYSE:
), and Synutra International (NASDAQ:
Monsanto Co (NYSE:
upbeat fiscal third-quarter
profit and lifted its full-year forecast. The company also
announced a $10 billion share buyback program.
Monsanto's quarterly net profit fell to $858 million, or $1.62
per share, from a year-ago profit of $909 million, or $1.68 per
Its sales rose to $4.250 billion from $4.248 billion. However,
analysts were expecting earnings of $1.54 per share on sales of
Equities Trading UP
Aerie Pharmaceuticals (NASDAQ:
) shares shot up 35.40 percent to $28.48 following the
announcement that Roclatan phase 2b results have met all clinical
Shares of Hanesbrands (NYSE:
) got a boost, shooting up 9 percent to $96.51 after the company
plans to buy
Barnes & Noble (NYSE:
) shares were also up, gaining 9.44 percent to $22.50 after the
company reported a narrower fourth-quarter loss and announced its
plans to split
its retail and Nook Media businesses.
Equities Trading DOWN
Shares of CVR Refining LP (NYSE:
) were 8.95 percent to $24.71 following the announcement of 6
million common unit offering.
) shares tumbled 3.21 percent to $37.70 after the company
reported downbeat fiscal-fourth-quarter earnings. Team posted its
quarterly earnings of $0.60 per share on revenue of $211 million.
However, analysts were projecting a profit of $0.71 per share on
revenue of $218.5 million.
General Mills (NYSE:
) was down, falling 3.18 percent to $51.99 after the company
fiscal fourth-quarter profit.
In commodity news,
oil traded up 0.08 percent
to $106.12, while gold traded down 0.33 percent to $1,316.90.
Silver traded down 0.53 percent Wednesday to $20.99, while
copper fell 0.22 percent to $3.14.
European shares today.
The eurozone's STOXX 600 declined 1.05 percent, the Spanish
Ibex Index dropped 1.42 percent, while Italy's FTSE MIB Index
fell 0.72 percent.
Meanwhile, the German DAX declined 0.67 percent and the French
CAC 40 tumbled 1.49 percent while UK shares slipped 0.85
The MBA reported that its index of mortgage application
activity declined 1% in the week ended June 20.
Orders for durable goods dropped 1% in May, versus economists'
expectations for a 0.5% decline.
The US economy contracted by an annual pace of 2.9% in the
first quarter, versus a prior reading of 1%. However, economists
were expecting a 1.8% drop.
The Treasury is set to auction 5-year notes.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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