Toward the end of through trading Wednesday, the Dow traded
down 0.70 percent to 15,342.75 while the NASDAQ declined 0.36
percent to 3,671.46. The S&P also fell, dropping 0.46 percent
Top HeadlineDeere & Co (NYSE:
) reported a
rise in its third-quarter
profit. Deere's quarterly profit surged to $997 million, or $2.56
per share, from $788 million, or $1.98 per share, in the year-ago
period. Its revenue surged to $10.0 billion from $9.6 billion.
However, analysts were estimating earnings of $2.17 per share on
revenue of $9.18 billion. Deere also lifted its full-year profit
forecast to $3.45 billion.
Equities Trading UPMannKind (NASDAQ:
) shot up 12.54 percent to $7.71 after the company
reported positive clinical data
for AFREZZA. Shares of WageWorks (NYSE:
) were up as well, gaining 10.76 percent to $44.87 after pricing
its 2.97 million share public offering at $40.45 on Tuesday.
Brocade Communications Systems (NASDAQ:
) was also up, gaining 15.22 percent to $7.95 after the company
fiscal third-quarter results.
Equities Trading DOWN Shares of Millennial Media (NYSE:
) were down 18.47 percent to $6.93. Millennial Media announced
its plans to acquire Jumptap for around $225 million in stock.
Analysts at Northland Capital and Canaccord Genuity also
downgraded the stock. Cree (NASDAQ:
) shares tumbled 22.21 percent to $58.95 after the company issued
for its fiscal first quarter. Silver Spring Networks (NYSE:
) were also down, plummeting 28.97 percent to $22.51 after the
company lost out on a major contract in the UK this morning.
Commodities In commodity news,
oil traded up 0.04 percent
to $106.87, while gold traded up 1.04 percent to $1,334.90.
Silver traded up 1.83 percent Wednesday to $21.86, while copper
rose 0.74 percent to $3.34.
Eurozone European shares were mostly higher following The
Spanish Ibex Index surged 0.18 percent and the Italian FTSE MIB
Index rose 0.37 percent. Meanwhile, the German DAX gained 0.13
percent and the French CAC 40 rose 0.51 percent while U.K. shares
fell 0.17 percent.
Economics The Mortgage Bankers Association index of purchase
activity declined 4.7 percent in the week ended August 9 versus
the earlier week. US wholesale prices came in unchanged in July,
while the core PPI rose 0.1 percent. However, economists were
projecting the overall PPI to increase 0.3 percent, and the PPI
to rise 0.2 percent. Crude oil supplies dropped 2.8 million
barrels for the week ended August 9, the US Energy Information
Administration reported. However, analysts were expecting a 1.5
million-barrel fall. Fed's James Bullard is expected to speak
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