Midway through trading Wednesday, the Dow traded up 0.10
percent to 16,551.91 while the NASDAQ tumbled 0.16 percent to
4,096.86. The S&P also rose, gaining 0.07 percent to
Leading and Lagging Sectors Wednesday morning, the
telecommunications services sector proved to be a source of
strength for the market. Leading the sector was strength from NQ
) and Level 3 Communications (NYSE:
). In trading on Wednesday, healthcare shares were relative
laggards, down on the day by about 0.19 percent.
Top losers in the sector included Auxilium Pharmaceuticals
), Isis Pharmaceuticals (NASDAQ:
), and Nymox Pharmaceutical (NASDAQ:
Top Headline Time Warner (NYSE:
results. Time Warner's quarterly net income from continuing
operations surged to $1.29 billion, or $1.42 per share, versus a
year-ago profit of $754 million, or $0.79 per share. On an
adjusted basis, Time Warner earned $0.91 per share, beating
analysts' estimates of $0.88 per share. Its revenue climbed 9% to
$7.55 billion compared to $6.94 billion. However, analysts were
estimating revenue of $6.61 billion.
Equities Trading UP LogMeIn (NASDAQ:
) shares shot up 19.10 percent to $46.59 after the company
reported better-than-expected quarterly results and issued a
Shares of Energizer Holdings (NYSE:
) got a boost, shooting up 15.36 percent to $112.72 after the
company announced its plans to split into 2 companies.
Pepco Holdings (NYSE:
) shares were also up, gaining 17.33 percent to $26.74 after
) announced its plans to buy Pepco for $6.83 billion.
Equities Trading DOWN Shares of Power Integrations (NASDAQ:
) were 22.02 percent to $45.55 after the company reported
downbeat Q1 results and issued a weak Q2 revenue outlook.
Vistaprint NV (NASDAQ:
) shares tumbled 25.14 percent to $39.99 on weaker-than-expected
) was down, falling 10.14 percent to $38.30 after the company
posted a wider first-quarter net loss. The company also reported
weaker-than-expected active monthly users. Twitter's adjusted
profit came in flat on a per share basis, versus analysts'
expectations for a loss of $0.03 per share.
Commodities In commodity news,
oil traded down 1.76 percent
to $99.50, while gold traded down 0.23 percent to $1,293.30.
Silver traded down 1.58 percent Wednesday to $19.23, while
copper fell 1.37 percent to $3.03.
Eurozone European shares
were mostly lower
The Spanish Ibex Index fell 0.02 percent, while Italy's FTSE
MIB Index declined 0.88 percent.
Meanwhile, the German DAX surged 0.20 percent and the French
CAC 40 tumbled 0.23 percent while U.K. shares gained 0.17
Economics Private-sector employers added 220,000 jobs in
April, according to Automatic Data Processing. However,
economists were estimating an addition of 210,000 private-sector
jobs in the month.
US GDP growth slowed to an annual pace of 0.1% in the first
The employment cost index increased 0.3% in the first quarter,
versus economists' expectations for a 0.5% gain.
The MBA reported that its index of mortgage application
activity dropped 5.9% to 333.2 in the week ended April 25.
The Chicago PMI for April increased to 63.0 in April versus
55.9 in March.
Crude stockpiles climbed 1.7 million barrels for the week
ended April 25, the US Energy Information Administration
reported. However, analysts were expecting a gain of 2.1 million
Gasoline supplies rose 1.6 million barrels, while distillate
stockpiles surged 1.9 million barrels.
The FOMC will announce its policy decision at 2:00 p.m.
Data on farm prices will be released at 3:00 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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