Midway through trading Wednesday, the Dow traded down 0.39
percent to 15,407.96 while the NASDAQ tumbled 0.71 percent to
3,901.54. The S&P also fell, dropping 0.53 percent to
Top Headline Caterpillar (NYSE:
downbeat third-quarter earnings
and cut its full-year view. Caterpillar's quarterly earnings fell
to $946 million, or $1.45 per share, from $1.70 billion, or $2.54
per share, in the year-ago period.
Its total sales declined to $13.42 billion from $16.45
billion. However, analysts were expecting earnings of $1.68 per
share on revenue of $14.29 billion. Caterpillar now projects 2013
profit of $5.50 per share on sales of $55 billion.
Equities Trading UP Apollo Group (NASDAQ:
) shot up 25.88 percent to $26.36 after the company reported
better-than-expected fourth-quarter results.
Shares of Corning (NYSE:
) got a boost, shooting up 11.53 percent to $17.12 after the
company announced its plans to acquire full ownership of Samsung
Corning Precision Materials.
Cole Real Estate Investments (NYSE:
) was also up, gaining 8.74 percent to $13.94 after
American Realty Capital
) agreed to buy Cole Real Estate.
Equities Trading DOWN Shares of Cree (NASDAQ:
) were down 17.32 percent to $61.45 after the company issued a
downbeat earnings forecast for the fiscal fourth quarter. Needham
downgraded Cree from Buy to Hold.
) shares tumbled 4.64 percent to $25.88 after the company issued
weak Q4 revenue forecast. RF Micro Devices (NASDAQ:
) was down, falling 7.87 percent to $5.68 after the company
issued downbeat current-quarter
Commodities In commodity news,
oil traded down 1.33 percent
to $96.99, while gold traded down 0.45 percent to $1,336.50.
Silver traded down 0.48 percent Wednesday to $22.68, while copper
fell 1.84 percent to $3.27.
Euro zone European shares
today. The Spanish Ibex Index fell 1.95 percent, while Italy's
FTSE MIB Index declined 2.38 percent. Meanwhile, the German DAX
dropped 0.42 percent and the French CAC 40 tumbled 0.81 percent
while U.K. shares fell 0.48 percent.
Economics The Mortgage Bankers Association reported that its
index of mortgage application activity declined 0.6 percent in
the week ending October 18, versus a 0.3 percent rise in the
earlier week. Import prices climbed 0.2 percent in September,
versus a 0.2 percent gain in August.
The FHFA home-price index rose 0.30 percent in August, versus
economists' expectations for a 0.80 percent gain.
Crude stockpiles climbed 5.2 million barrels for the week
ended October 18, the US Energy Information Administration
reported. However, analysts were expecting an increase of 3
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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