Following the market opening Wednesday, the Dow traded down
0.13 percent to 16,492.37 while the NASDAQ tumbled 0.61 percent
to 4,136.26. The S&P also fell, dropping 0.18 percent to
Leading and Lagging Sectors In trading on Wednesday, utilities
shares were relative leaders, up on the day by about 0.61
percent. Top gainers in the sector included PPL (NYSE:
), Empresa Distribuidora y Comercializadora Norte SA (NYSE:
), and Public Service Enterprise Group (NYSE:
). Telecommunications services sector was the top decliner in the
US market on Wednesday.
Top losers in the sector included China Unicom (Hong Kong)
), off 4.5 percent, and Black Box (NASDAQ:
), down 3 percent.
Top Headline The Boeing Company (NYSE:
first-quarter profit. Boeing's quarterly profit declined to $965
million, or $1.28 per share, from a year-ago profit of $1.11
billion, or $1.44 per share. Its adjusted earnings surged to
$1.76 per share compared to $1.73 per share. Its revenue climbed
to $20.47 billion versus $18.89 billion. However, analysts were
projecting earnings of $1.57 per share on revenue of $20.24
billion. For the full year, Boeing expects adjusted earnings of
$7.15 to $7.35 per share.
Equities Trading UP Xoom (NASDAQ:
) shares shot up 15.58 percent to $22.77 after the company
reported upbeat Q1 results and issued a strong FY14 outlook.
Shares of Elizabeth Arden (NASDAQ:
) got a boost, shooting up 9.95 percent to $31.27. LG Household
& Healthcare is considering a bid for Elizabeth Arden,
according to Reuters.
Super Micro Computer (NASDAQ:
) shares were also up, gaining 11.50 percent to $21.13 after the
company reported upbeat FQ3 results and issued a strong Q4
Equities Trading DOWN Shares of VMware (NYSE:
) were 9.93 percent to $94.71 after the company reported Q1
results. Vmware reported earnings of $0.80 per share on revenue
of $1.36 billion.
) shares tumbled 12.12 percent to $25.42 on Q1 results. Unisys
reported a quarterly loss of $0.74 per share on revenue of $762.0
) was down, falling 10.84 percent to $51.76 on Q3 results. Cree
reported its Q3 earnings of $0.39 per share on revenue of $405.30
million. However, analysts were expecting earnings of $0.38 per
share on revenue of $407.29 million.
Commodities In commodity news,
oil traded down 2.57 percent
to $101.69, while gold traded down 0.38 percent to $1,283.70.
Silver traded up 0.18 percent Wednesday to $19.42, while
copper rose 0.25 percent to $3.04.
Eurozone European shares
were mostly lower
The Spanish Ibex Index rose 0.07 percent, while Italy's FTSE
MIB Index fell 0.42 percent.
Meanwhile, the German DAX dropped 0.41 percent and the French
CAC 40 slipped 0.08 percent while U.K. shares declined 0.02
Economics The MBA reported that its index of mortgage
application activity declined 3.30% in the week ended April
The preliminary reading of Markit PMI manufacturing index fell
to 55.40 in April, versus a reading of 55.50 in March. However,
economists were expecting a reading of 56.00.
Sales of new US homes dropped 14.5% to an annual rate of
384,000 in March. However, economists were projecting a sales
rate of 450,000.
The Treasury is set to auction 5-year notes.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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