Begining the final hour of trading Wednesday, the Dow traded
down 0.65 percent to 16,834.95 while the NASDAQ declined 0.28
percent to 4,325.82. The S&P also fell, dropping 0.41 percent
Leading and Lagging Sectors
Wednesday morning, the technology sector proved to be a source
of strength for the market. Leading the sector was strength from
) and MakeMyTrip (NASDAQ:
Industrials shares fell about 0.71 percent in trading on
Wednesday. Meanwhile, top decliners in the sector included
Collectors Universe (NASDAQ:
), down 5.42 percent, and PMFG, (NASDAQ:
), off 3.33 percent.
H&R Block (NYSE:
reported a rise
in its fiscal fourth-quarter profit.
H&R Block's quarterly net income rose to $909.9 million,
or $3.29 per share, versus a year-ago profit of $644.3 million or
$2.42 per share. Its earnings from continuing operations came in
at $3.36 per share.
Its revenue increased 16% to $2.56 billion. However, analysts
were expecting a profit of $3.23 per share on revenue of $2.49
Equities Trading UP
) shares shot up 27.61 percent to $84.89 after the company
plans to acquire
display-chip company Renesas SP Drivers. The company also lifted
its Q4 revenue forecast.
Shares of ULTA Salon, Cosmetics & Fragrance (NASDAQ:
) got a boost, shooting up 14.61 percent to $97.77 after the
Montage Technology Group (NASDAQ:
) shares were also up, gaining 8.54 percent to $21.47 after the
company agreed to be acquired by Shanghai Pudong Science and
Technology Investment Co for US$22.60 per share.
Whitney Tilson of Kase Capital sent out an email stating
Montage tech and Shanghai Pudong Science are "conspiring to
defraud the government of Shanghai" which had no impact on the
share's pricing, but does raise questions about the practice of
spreading unfounded rumors.
Equities Trading DOWN
Shares of Orexigen Therapeutics (NASDAQ:
) were down 16.30 percent to $5.70 after the company received
three month extension
of the FDA NB32 review.
Auxilium Pharmaceuticals (NASDAQ:
) shares tumbled 7.46 percent to $20.16 after the company
announced the release of a generic version of Testim testosterone
) was down, falling 3.04 percent to $36.03 after the company
announced an offering of 50 million shares.
In commodity news,
oil traded up 0.04 percent
to $104.39, while gold traded up 0.02 percent to $1,260.40.
Silver traded up 0.09 percent Wednesday to $19.18, while
copper fell 0.62 percent to $3.03.
European shares today.
The eurozone's STOXX 600 slipped 0.64 percent, the Spanish
IBEX Index fell 0.70 percent, while Italy's FTSE MIB Index
declined 1.24 percent.
Meanwhile, the German DAX dropped 0.79 percent and the French
CAC 40 fell 0.87 percent while UK shares dropped 0.59
The MBA reported that its index of mortgage application
activity rose 10.3% for the week ended June 6.
Crude stockpiles dropped 2.6 million barrels for the week
ended June 6, the US Energy Information Administration reported.
However, analysts were expecting a drop of 1.2 million
Gasoline supplies increased 1.7 million barrels, while
distillate stockpiles rose 900,000 barrels.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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