Mid-Day Market Update: Bankrate Surges On Upbeat Profit, Kforce Drops

By Jake L'Ecuyer,

Shutterstock photo

Midway through trading Wednesday, the Dow traded down 0.37 percent to 14,788.49 while the NASDAQ declined 0.36 percent to 3,316.88. The S&P also fell, dropping 0.35 percent to 1,592.04.

Index Technicals: The S&P 500 is stalling once again, hitting its 1,597 highs with 1,575 acting as support below that.

Next up, the Dow is stalling under its 14,850 resistance after it found support at 14,750.

The NASDAQ is breaking out over its 3,320 resistance which could now act as support, with 3,300 as support below that.

Finally, the Russell is heading upwards into its 950 resistance while 930 acts as support below.

Top Headline MasterCard (NYSE: MA ) reported a rise in its first-quarter net income.

MasterCard's quarterly profit surged to $766 million, or $6.23 per share, versus $682 million, or $5.36 per share, in the year-ago period.

Its revenue climbed 8% to $1.9 billion from $1.76 billion. However, analysts were expecting earnings of $6.18 per share on revenue of $1.93 billion. MasterCard's processed transactions rose 12% to 8.7 billion.

Equities Trading UP Bankrate (NYSE: RATE ) shot up 13.35 percent to $15.28 after the company reported upbeat Q1 profit.

Shares of Mueller Water Products (NYSE: MWA ) got a boost, shooting up 13.51 percent to $6.7195 after the company reported strong FQ2 results.

Sonus Networks (NASDAQ: SONS ) was also up, gaining 13.10 percent to $2.3750 on Q1 results.

Equities Trading DOWN Regal Beloit (NYSE: RBC ) was down, falling 18.40 percent to $64.15 on weak Q1 results.

Shares of Kforce (NASDAQ: KFRC ) were down 17.07 percent to $12.54 after the company reported downbeat Q1 results.

Ixia (NASDAQ: XXIA ) shares tumbled 11 percent to $14.66 on Q1 results.

Commodities In commodity news, oil traded down 3.10 percent to $90.56, while gold traded down 1.92 percent to $1,443.80.

Silver traded down 3.62 percent Wednesday to $23.31, while copper fell 3.17 percent to $3.09.

Eurozone European markets were mostly closed for the May Day holiday, with all major markets save for the U.K. closed. The FTSE 100 Index rose 0.15 percent following the better than expected manufacturing PMI in the U.K.

Economics The US economy gained 119,000 jobs in April, according to the Automatic Data Processing Inc. However, economists were projecting the economy to add 150,000 private-payroll jobs versus an original estimate of 158,000 in March.

Mortgage applications in the US gained 1.8% in the ended April 26, versus a 0.2% rise in the earlier week, the Mortgage Bankers Association reported.

The final reading of Markit's manufacturing PMI declined to 52.1 in April, versus 54.6 in March and compared to the flash estimate of 52.0 in April.

The ISM manufacturing index fell to 50.70 in March, versus a prior reading of 51.30. However, economists were expecting a reading of 50.50.

Construction spending fell 1.70% in March, versus a 1.20% rise in February.

Crude supplies surged 6.7 million barrels for the week ended April 26, the US Energy Information Administration reported. However, analysts were projecting a 1.4 million-barrel rise.

The FOMC will announce its policy decision at 2:00 p.m. ET.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Commodities , Economy
Referenced Stocks: KFRC , MA , RATE , SONS , XXIA

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