Following the market opening Wednesday, the Dow traded down
0.36 percent to 16,655.95 while the NASDAQ declined 0.21 percent
to 4,121.47. The S&P also fell, dropping 0.27 percent to
Leading and Lagging Sectors Basic Materials shares gained
around 0.24 percent in trading on Wednesday. Meanwhile, top
gainers in the sector included Harmony Gold Mining Company (NYSE:
), up 4.1 percent, and Thompson Creek Metals Company (NYSE:
), up 3.8 percent. In trading on Wednesday, cyclical consumer
goods & services shares were relative laggards, down on the
day by about 0.36 percent.
Top decliners in the sector included Fossil Group (NASDAQ:
), down 8.2 percent, and Kandi Technolgies Group (NASDAQ:
), off 4.4 percent.
Top Headline Macy's (NYSE:
reported a rise
in its first-quarter earnings. Macy's reaffirmed its outlook for
the full year. It also increased its share-buyback plan by $1.5
billion and lifted its dividend by 25% to 31.25 cents per share.
Macy's posted a quarterly profit of $224 million, or $0.60 per
share, versus a year-ago profit of $217 million, or $0.55 per
share. Its revenue slipped 1.7% to $6.28 billion. However,
analysts were expecting earnings of $0.59 per share on revenue of
$6.46 billion. Its revenue at stores open at least a year dropped
Equities Trading UP SunOpta (NASDAQ:
) shares shot up 12.89 percent to $12.70 after the company
reported upbeat Q1 earnings.
Shares of Isis Pharmaceuticals (NASDAQ:
) got a boost, shooting up 10.16 percent to $27.64 after the
reported positive Phase 2
data on ISIS-GCGR Rx in HbA1c in patients with type 2
The Rubicon Project (NYSE:
) shares were also up, gaining 27.09 percent to $14.45 after the
company reported upbeat Q1 results and issued a strong
Equities Trading DOWN Shares of Fossil Group (NASDAQ:
) were 8.04 percent to $102.49 after the company issued a
downbeat guidance. The company projected Q2 earnings of $0.90 to
$0.97 per share, versus analysts' estimates of $1.16 per
USA Compression Partners LP (NYSE:
) shares tumbled 6.80 percent to $24.95 after the company priced
6.6 million units at $25.59 per unit.
Take-Two Interactive Software (NASDAQ:
) was down, falling 3.32 percent to $19.95 after the company
issued a weak
outlook. For the first quarter, the company expected an adjusted
loss of $0.35 to $0.25 per share on revenue of $120 million to
$125 million. However, analysts expected a loss of $0.12 per
share on revenue of $209.6 million.
Commodities In commodity news,
oil traded up 0.35 percent
to $102.06, while gold traded up 0.95 percent to $1,307.10.
Silver traded up 1.86 percent Wednesday to $19.91, while
copper rose 0.94 percent to $3.17.
Eurozone European shares
The eurozone's STOXX 600 declined 0.25 percent, the Spanish
Ibex Index fell 0.05 percent, while Italy's FTSE MIB Index
dropped 0.65 percent.
Meanwhile, the German DAX slipped 0.10 percent and the French
CAC 40 tumbled 0.21 percent while UK shares fell 0.18
Economics The MBA reported that its index of mortgage
application activity rose 3.60% in the week ended May 9.
U.S. wholesale prices increased 0.6% in April, versus a
revised 0.5% rise in March. However, economists were expecting a
0.2% gain in the PPI.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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