Midway through trading Wednesday, the Dow traded down 0.57
percent to 16,620.60 while the NASDAQ declined 0.62 percent to
4,104.21. The S&P also fell, dropping 0.46 percent to
Leading and Lagging Sectors Utilities shares gained around
0.89 percent in trading on Wednesday. Meanwhile, top gainers in
the sector included Companhia Paranaense de Energia (NYSE:
), up 3.9 percent, and Companhia Energética de Minas Gerais
), up 3 percent. In trading on Wednesday, cyclical consumer goods
& services shares were relative laggards, down on the day by
about 0.61 percent.
Top decliners in the sector included Fossil Group (NASDAQ:
), down 8.8 percent, and Accuride (NYSE:
), off 7.7 percent.
Top Headline Macy's (NYSE:
reported a rise
in its first-quarter earnings. Macy's reaffirmed its outlook for
the full year. It also increased its share-buyback plan by $1.5
billion and lifted its dividend by 25% to 31.25 cents per share.
Macy's posted a quarterly profit of $224 million, or $0.60 per
share, versus a year-ago profit of $217 million, or $0.55 per
share. Its revenue slipped 1.7% to $6.28 billion. However,
analysts were expecting earnings of $0.59 per share on revenue of
$6.46 billion. Its revenue at stores open at least a year dropped
Equities Trading UP SunOpta (NASDAQ:
) shares shot up 11.64 percent to $12.56 after the company
reported upbeat Q1 earnings.
Shares of Celledex Therapeutics (NASDAQ:
) were up as well, gaining a staggering 27.34 percent to $15.79
after the company cut a deal with Bristol Myers on its immuno
The Rubicon Project (NYSE:
) shares were also up, gaining 9.32 percent to $12.55 after the
company reported upbeat Q1 results and issued a strong
Equities Trading DOWN Shares of Fossil Group (NASDAQ:
) were down 9.04 percent to $101.37 after the company issued a
downbeat guidance. The company projected Q2 earnings of $0.90 to
$0.97 per share, versus analysts' estimates of $1.16 per
Plug Power (NASDAQ:
) was down as well, dropping 7.33 percent to $3.79 after the
company's first quarter results and earnings call disappointed
Take-Two Interactive Software (NASDAQ:
) was down, falling 7.42 percent to $19.10 after the company
issued a weak
outlook. For the first quarter, the company expected an adjusted
loss of $0.35 to $0.25 per share on revenue of $120 million to
$125 million. However, analysts expected a loss of $0.12 per
share on revenue of $209.6 million.
Commodities In commodity news,
oil traded up 0.48 percent
to $102.19, while gold traded up 0.85 percent to $1,305.10.
Silver traded up 1.21 percent Wednesday to $19.78, while
copper rose 0.65 percent to $3.15.
Eurozone European shares
The eurozone's STOXX 600 declined 0.09 percent, the Spanish
Ibex Index rose 0.23 percent, while Italy's FTSE MIB Index
dropped 0.34 percent.
Meanwhile, the German DAX gained 0.03 percent and the French
CAC 40 tumbled 0.09 percent while UK shares rose 0.09
Economics The MBA reported that its index of mortgage
application activity rose 3.60% in the week ended May 9.
U.S. wholesale prices increased 0.6% in April, versus a
revised 0.5% rise in March. However, economists were expecting a
0.2% gain in the PPI.
Crude stockpiles increased 900,000 barrels for the week ended
May 9, the US Energy Information Administration reported.
However, analysts were expecting a drop of 1.5 million
Gasoline supplies slipped 800,000 barrels, while distillate
stockpiles fell 1.1 million barrels.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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