Toward the end of trading Wednesday, the Dow traded down 0.23
percent to 16,312.32 while the NASDAQ gained 0.16 percent to
4,314.46. The S&P also fell, dropping 0.15 percent to
Leading and Lagging Sectors Utilities sector gained by 0.40%
in today's trading. The top gainers in the sector included New
Jersey Resources (NYSE:
), SJW (NYSE:
) and CPFL Energia SA (NYSE:
). Telecommunications services sector was the leading decliner in
the US market today.
Among the sector stocks, China Techfaith Wireless
Communication Technology (NASDAQ:
) was down more than 20 percent, while China Unicom (Hong Kong)
)tumbled around 4.3 percent.
Top Headline Express (NYSE:
) reported a
drop in its fourth-quarter
profit and issued a weak outlook. Express expects Q1 profit of
$0.12 to $0.18 per share and full-year profit of $1.03 to $1.23
per share. However, analysts were expecting a Q1 profit of $0.42
per share and full-year profit of $1.59 per share. Express posted
its quarterly profit of $47.9 million, or $0.57 per share, versus
a year-ago profit of $63.9 million, or $0.75 per share. However,
analysts expected a profit of $0.59 per share.
Equities Trading UP EPL Oil & Gas (NYSE:
) shot up 29.73 percent to $37.77 after Energy XXI (NASDAQ:
plans to buy EPL Oil & Gas for about $1.53 billion.
Shares of Rite Aid (NYSE:
) were up as well, gaining 6.99 percent to $6.89 after the
company caught an upgrade from Goldman Sachs before the market
VeriFone Systems (NYSE:
) was also up, gaining 10.39 percent to $32.30 after the company
upbeat fiscal first-quarter results
and issued a strong full-year earnings forecast. VeriFone posted
its quarterly earnings of $0.31 per share, beating analysts'
estimates of $0.27 per share. Deutsche Bank upgraded the stock
from Sell to Hold and lifted the price target from $18.00 to
Equities Trading DOWN Shares of Express (NYSE:
) were down 12.50 percent to $15.96 after the company reported
downbeat Q4 earnings and issued a weak forecast.
Raven Industries (NASDAQ:
) shares tumbled 10.72 percent to $35.49 after the company
reported fourth-quarter results.
) was also down, falling 61.70 percent to $1.69 after the FDA
suspended its key Myelofibrosis drug on liver safety concerns,
sending bulls running for the hills.
Commodities In commodity news,
oil traded down 2.14 percent
to $97.89, while gold traded up 1.77 percent to $1,365.60.
Silver traded up 2.10 percent Wednesday to $21.28, while
copper rose 0.29 percent to $2.96.
Eurozone European shares
The Spanish Ibex Index fell 0.92 percent, while Italy's FTSE
MIB Index declined 0.18 percent.
Meanwhile, the German DAX tumbled 0.74 percent and the French
CAC 40 declined 0.82 percent while U.K. shares fell 0.60
Economics The MBA reported that its index of mortgage
application activity declined 2.10% in the week ended March
Crude stockpiles rose 6.2 million barrels for the week ended
March 7, the U.S. Energy Information Administration reported.
However, analysts were expecting a gain of 2.3 million
Gasoline supplies dropped 5.2 million barrels, while
distillate stockpiles slipped 500,000 barrels.
The US Treasury monthly budget report for February will be
released at 2:00 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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