Following the market opening Wednesday, the Dow traded up 0.10
percent to 16,352.70 while the NASDAQ gained 0.01 percent to
4,333.63. The S&P also rose, gaining 0.07 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 Pernix Therapeutics Holdings (NASDAQ:
). In trading on Wednesday, telecommunications services shares
were relative laggards, down on the day by about 0.39 percent.
Top decliners in the sector included Shenandoah
Telecommunications Co (NASDAQ:
), off 3.3 percent, and CalAmp (NASDAQ:
), down around 2.4 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 21.60 percent to $45.19 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 16.38 percent to $17.08 after the
company announced its
plans to acquire
privately held Vidara Therapeutics International for around $660
KB Home (NYSE:
) was also up, gaining 8.99 percent to $19.27 after the company
swung to a profit
in the fiscal first quarter. KB Home posted a quarterly profit of
$10.6 million, or $0.12 per share, versus a year-ago loss of
$12.5 million, or $0.16 per share.
Equities Trading DOWN Shares of Renren (NYSE:
) were down 9.54 percent to $3.41 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 9.27 percent to $8.12 after Goldman Sachs
downgraded the stock from Neutral to Sell.
) was down, falling 2.88 percent to $37.72 after the company
fiscal third-quarter earnings. Oracle's quarterly profit surged
to $2.57 billion, or $0.56 per share, versus a year-ago profit of
$2.5 billion, or $0.52 per share. Its revenue jumped to $9.31
billion versus $8.96 billion. Its adjusted profit came in at
$0.68 per share.
Commodities In commodity news,
oil traded up 0.41 percent
to $100.11, while gold traded down 1.03 percent to $1,345.10.
Silver traded down 0.54 percent Wednesday to $20.75, while
copper fell 1.56 percent to $2.91.
Eurozone European shares today.
The Spanish Ibex Index rose 0.47 percent, while Italy's FTSE
MIB Index fell 0.11 percent.
Meanwhile, the German DAX jumped 0.58 percent and the French
CAC 40 climbed 0.13 percent while U.K. shares fell 0.09
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
The Federal Open Market Committee will announce its policy
decision at 2:00 p.m. ET, while the Fed Chairman 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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