Toward the end of trading Wednesday, the Dow traded down 0.41
percent to 16,063.68 while the NASDAQ dropped 0.82 percent to
4,237.65. The S&P also fell, declining 0.56 percent to
Leading and Lagging Sectors In trading on Wednesday, energy
shares were relative leaders, up on the day by about 0.69%.
Meanwhile, top gainers in energy sector included Ocean Rig UDW
), with shares up 5.6%, and Nabors Industries (NYSE:
), with shares up 10.7%. Shares of Nabors jumped after the
company reported fourth-quarter results.
Telecommunications services sector was the leading decliner in
the US market today. Telecommunications services stocks dropped
0.43% in today's trading. Among the stocks, Mobile Telesystems
) was down more than 4.8%, while Telecom Argentina SA (NYSE:
) tumbled around 2.5%.
Top Headline Signet Jewelers (NYSE:
) announced its plans to buy Zale (NYSE:
) for around $690 million. Signet will pay $21 per share to
acquire Zale, representing a 41% premium to Zale's closing price
of $14.91 on Tuesday.
Equities Trading UP Zale (NYSE:
) shot up 40.24 percent to $20.91 after Signet Jewelers (NYSE:
) announced its plans to buy Zale for around $690 million.
Shares of Garmin (NASDAQ:
) got a boost, shooting up 9.58 percent to $51.69 after the
) was up as well, gaining 4.61 percent to $5.90 after the company
got a relief rally following its report of a wider than expected
fourth quarter loss Wednesday morning.
Equities Trading DOWN Shares of SM Energy Company (NYSE:
) were down 17.40 percent to $73.99 after the company reported
downbeat quarterly earnings. KeyBanc downgraded the stock from
Buy to Hold.
) shares tumbled 7.81 percent to $20.65 after the company
reported its fourth quarter
results. Bank of America cut the price target on the stock from
$33.00 to $27.00.
SM Energy (NYSE:
) was also moving to the downside, falling 17.43 percent to
$73.96 after the company missed on the bottom line in its fourth
quarter report and caught downgrades from Tudor Pickering and
Commodities In commodity news, oil traded up 1.27 percent to
$103.73, while gold traded down 0.44 percent to $1,316.90.
Silver traded down 0.99 percent Wednesday to $21.72, while
copper fell 0.03 percent to $3.29.
European shares were mostly higher today.
The Spanish Ibex Index rose 0.11 percent, while Italy's FTSE
MIB Index declined 0.20 percent. Meanwhile, the German DAX rose
0.01 percent and the French CAC 40 climbed 0.24 percent while
U.K. shares gained 0.01 percent.
Economics The MBA reported that its index of mortgage
application activity declined 4.1% in the week ended February
The ICSC/Goldman Sachs Retail Chain Store Sales Index rose
2.5% in the week ended Saturday.
Construction on new homes declined 16% to an annual rate of
880,000 in in January. However, economists were expecting a rate
of 945,000 in January.
US producer prices increased 0.2% in January, versus
economists' expectations for a 0.1% rise.
The Johnson Redbook Retail Sales Index fell 1.2% in the first
two weeks of February.
The Federal Open Market Committee will issue minutes of its
latest meeting at 2:00 p.m. ET.
(c) 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
Free Trading Education -
Check out the free events taking place on Marketfy
this week. Spaces are limited. Sign up today.