Toward the end of trading Wednesday, the Dow traded down 1.16
percent to 16,146.76 while the NASDAQ declined 0.94 percent to
4,292.03. The S&P also fell, dropping 0.95 percent to
Leading and Lagging Sectors Wednesday morning, the healthcare
sector proved to be a source of strength for the market. Leading
the sector was strength from Horizon Pharma (NASDAQ:
) and Senomyx (NASDAQ:
). In trading on Wednesday, basic materials shares were relative
laggards, down on the day by about 0.33 percent.
Top decliners in the sector included Amyris (NASDAQ:
), off 3.2 percent, and DRDGOLD (NYSE:
), down around 4.4 percent.
Top Headline FedEx (NYSE:
) reported a
in its third-quarter profit. FedEx's quarterly profit surged to
$378 million, or $1.23 per share, compared to a year-ago profit
of $361 million or $1.13 per share. Its revenue climbed to $11.3
billion versus $11.0 billion. However, analysts were estimating
earnings of $1.45 per share on revenue of $11.47 billion. FedEx
projects current-quarter earnings of $2.25 to $2.50 per share,
and full-year earnings of $6.55 to $6.80 per share.
Equities Trading UP Prothena Corporation plc (NASDAQ:
) shares shot up 25.81 percent to $46.75 after the company
reported clinical data to be presented at International Symposium
on Amyloidosis. Morgan Stanley raised the price target on the
stock from $35.00 to $53.00.
Shares of Horizon Pharma (NASDAQ:
) got a boost, shooting up 7.70percent to $15.81 after the
company announced its
plans to acquire
privately held Vidara Therapeutics International for around $660
First Solar (NASDAQ:
) shares were also up 19.15 percent to $68.50 after the company's
analyst day and guidance thrilled the street, leading traders to
bid shares up throughout the session.
Equities Trading DOWN Shares of Renren (NYSE:
) were down 9.81 percent to $3.40 after the company reported Q4
results. Renren expected Q1 sales of $23.0 million to 25.0
million, versus analysts' estimates of $30.20 million.
Orbitz Worldwide (NYSE:
) shares tumbled 9.05 percent to $8.14 after Goldman Sachs
downgraded the stock from Neutral to Sell.
) shares were down as well, falling 7.06 percent to $71.64 after
the company released some disappointing guidance with its fourth
quarter report on Tuesday.
Commodities In commodity news,
oil traded up 0.24 percent
to $99.12, while gold traded down 2.15 percent to $1,329.80.
Silver traded down 1.10 percent Wednesday to $20.60, while
copper rose 1.27 percent to $2.98.
Eurozone European shares
The Spanish Ibex Index rose 0.56 percent, while Italy's FTSE
MIB Index fell 0.43 percent.
Meanwhile, the German DAX jumped 0.35 percent and the French
CAC 40 declined 0.01 percent while U.K. shares fell 0.36
Economics The MBA reported that its index of mortgage
application activity declined 1.2% in the week ended March
The US current account deficit shrank to $81.1 billion in the
fourth quarter, versus a revised $96.4 billion in the third
Crude stockpiles climbed 5.9 million barrels for the week
ended March 14, the US Energy Information Administration
reported. However, analysts were expecting a gain of 2.6 million
Gasoline supplies slipped 1.5 million barrels, while
distillate stockpiles tumbled 3.1 million barrels.
The Federal Open Market Committee will announce its policy
decision at 2:00 p.m. ET, while the Fed Chairwoman Janet Yellen
will hold press briefing at 2:30 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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