Toward the end of trading Wednesday, the Dow traded down 0.25
percent to 15,480.84 while the NASDAQ declined 0.26 percent to
3,656.21. The S&P also fell, dropping 0.29 percent to
Top HeadlineTime Warner (NYSE:
) reported a
rise in its second-quarter profit.
Time Warner's quarterly profit surged to $771 million, or $0.81
per share, from $413 million, or $0.42 per share, in the year-ago
period. Its adjusted earnings came in at $0.83 per share. Its
revenue climbed to $7.4 billion from $6.7 million. However,
analysts were estimating earnings of $0.76 per share on revenue
of $7.1 billion.
Equities Trading UPFinisar (NASDAQ:
) shot up 15.00 percent to $22.00 after the company issued strong
Q1 forecast. Raymond James upgraded the stock from Market Perform
to Outperform. Shares of WellCare Health Plans (NYSE:
) got a boost, shooting up 8.92 percent to $65.97 after the
company reported upbeat Q2 results and lifted its FY13 earnings
view. Santarus (NASDAQ:
) was also up, gaining 9.29 percent to $27.18 after the company
reported a rise in its Q2 net profit.
Equities Trading DOWN Shares of SunEdison (NASDAQ:
) were down 23.47 percent to $7.46 after the company reported a
wider Q2 loss. First Solar (NASDAQ:
) shares tumbled 13.22 percent to $40.56 after the company
weaker-than-expected second-quarter results
and lowered its 2013 outlook. Demandware (NYSE:
) was down as well, falling 10.18 percent to $44.10 after posting
earnings after the close Tuesday.
Commodities In commodity news,
oil traded down 0.96 percent
to $104.29, while gold traded up 0.34 percent to $1,286.80.
Silver traded up 0.28 percent Wednesday to $19.58, while copper
rose 0.41 percent to $3.18.
Eurozone European shares were mixed today. German factory
rose 3.8 percent in June,
the Economy Ministry in Berlin reported. However, economists were
expecting a rise of 1 percent. The Spanish Ibex Index gained 0.42
percent and the Italian FTSE MIB Index surged 0.93 percent.
Meanwhile, the German DAX tumbled 0.55 percent and the French CAC
40 rose 0.15 percent while U.K. shares declined 1.13 percent.
Economics The Mortgage Bankers Association reported that its
index of mortgage application activity increased 0.2 percent in
the week ended August 2. US crude supplies fell 1.3 million
barrels to 363.3 million barrels for the week ended August 2, the
Energy Information Administration reported. However, analysts
were projecting a fall of 2 million barrels. The Treasury is set
to auction 10-year notes. Fed's Sandra Pianalto is expected to
speak today. Data on consumer credit for June will be released at
3:00 p.m. ET.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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