Midway through trading Wednesday, the Dow traded up 0.69
percent to 16,374.79 while the NASDAQ jumped 0.70 percent to
4,062.51. The S&P also rose, gaining 0.65 percent to
Leading and Lagging Sectors Industrials sector surged 0.85
percent, saw Arrowhead Research (NASDAQ:
) as the top gainer. Meanwhile, other gainers in the sector
included ION Geophysical (NYSE:
), with shares up 6.1 percent, and China Distance Education
), with shares up 5 percent. In trading on Wednesday, technology
shares gained by just 0.28 percent.
Top decliners in the sector included ASML Holding NV (NASDAQ:
), off 5 percent, and ADTRAN (NASDAQ:
), down 6.3 percent.
Top Headline Bank of America (NYSE:
reported a net loss
in the first quarter. Bank of America posted a quarterly net loss
of $276 million, or $0.05 per share, versus a year-ago profit of
$1.5 billion, or $0.10 per share. The results include a pretax
litigation expense of $6 billion, or around $0.40 per share after
tax. Its total net revenue slipped to $22.77 billion versus
$23.41 billion, while revenue net of interest expense fell to
$22.57 billion versus $23.20 billion. However, analysts were
estimating earnings of $0.05 per share on revenue of $22.32
Equities Trading UP SodaStream International (NASDAQ:
) shares shot up 10.04 percent to $41.47. Calcalist reported that
the company is in talks to sell its 10% to 16% stake to Pepsi,
Dr. Pepper Snapple or Starbucks.
Shares of Yahoo! (NASDAQ:
) got a boost, shooting up 6.31 percent to $36.37 after the
company reported better-than-expected first-quarter results.
Yahoo reported its adjusted earnings of $0.38 per share on
revenue of $1.09 billion. However, analysts were estimating a
profit of $0.37 per share on revenue of $1.08 billion. Wells
Fargo upgraded Yahoo! from Market Perform to Outperform.
King Digital Entertainment plc (NYSE:
) shares were also up, gaining 3.44 percent to $18.03 after the
company and Tencent announced the launch of Candy Crush Saga in
Equities Trading DOWN Shares of ASML Holding NV (NASDAQ:
) were down 5.33 percent to $80.60 after the company
reported a rise
in its first-quarter net profit and lowered its first-half
Credit Suisse Group AG (NYSE:
) shares tumbled 2.14 percent to $31.08 after the company
reported a drop
in first-quarter profit. Credit Suisse's quarterly profit slipped
to 859 milion Swiss francs ($975.47 million), from a year-earlier
profit of 1.3 billion francs.
Bank of America (NYSE:
) was down, falling 2.40 percent to $16.00 after the bank
reported a net loss in the first quarter. Bank of America posted
a quarterly net loss of $276 million, or $0.05 per share, versus
a year-ago profit of $1.5 billion, or $0.10 per share.
Commodities In commodity news,
oil traded down 0.29 percent
to $103.45, while gold traded up 0.09 percent to $1,301.40.
Silver traded up 0.57 percent Wednesday to $19.60, while
copper rose 1.58 percent to $3.03.
Eurozone European shares
The Spanish Ibex Index rose 1.58 percent, while Italy's FTSE
MIB Index jumped 3.44 percent.
Meanwhile, the German DAX climbed 1.56 percent and the French
CAC 40 jumped 1.39 percent while U.K. shares gained 0.70
Economics US housing starts gained 2.8% to an annual rate of
946,000 in March, versus an original estimate of a rate of
907,000 in February. However, economists were expecting a rate of
The MBA reported that its index of mortgage application
activity gained 4.30% in the week ended April 11.
US industrial production rose 0.70% in March, versus
economists' expectations for a 0.50% gain.
Crude stockpiles rose 10 million barrels for the week ended
April 11, the US Energy Information Administration reported.
However, analysts were expecting a gain of 2.4 million
The Federal Reserve will release its latest Beige Book report
at 2:00 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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