Midway through trading Wednesday, the Dow traded down 0.37
percent to 14,607.07 while the NASDAQ dropped 0.53 percent to
3,237.67. The S&P also fell, dropping 0.62 percent to
Top Headline ConAgra Foods (NYSE:
) reported a 57.2% drop in its fiscal third-quarter earnings.
ConAgra's quarterly earnings fell to $120 million, or $0.29 per
share, versus $280.1 million, or $0.68 per share, in the year-ago
period. Its adjusted earnings came in at $0.55 per share, versus
analysts' estimates of $0.56 per share. Its net sales climbed to
$3.85 billion from $3.4 billion. The company announced a dividend
of $0.25 per share. Equities Trading UP Zynga (NASDAQ:
) shot up 15.31 percent to $3.54 after the company announced its
first real-money gambling games in Britain. Shares of Conn's
) got a boost, shooting up 7.90 percent to $38.93 after the
company issued upbeat FY14 earnings forecast. Astex
) was also up, gaining 11.88 percent to $5.65 after analysts at
RBC Capital Markets initiated coverage on the stock with an
"outperform" rating. Equities Trading DOWN Tesla Motors (NASDAQ:
) shares tumbled 7.71 percent to $40.92 after the company
announced leasing program for the Model S. H&E Equipment
) was also down, falling 7.10 percent to $17.40 after KeyBanc
downgraded the stock from "buy" from "hold."
Shares of Global Payments (NYSE:
) were down 7.80 percent to $45.19 after the company reported
weak fiscal third-quarter earnings.
Commodities In commodity news, oil traded down 1.89 percent to
$95.35, while gold traded down 0.63 percent to $1,565.90. Silver
traded down 1.09 percent Wednesday to $26.95, while copper fell
1.11 percent to $3.34.
Eurozone European shares were lower following the inflation
data which showed a continued slowdown in the economy. Eurozone
inflation slowed to 1.7 percent in March from 1.8 percent in
February and was in line with expectations. The cooling inflation
does give the European Central Bank room to ease tomorrow should
it want to do so. The Spanish Ibex Index dropped 1.81% while the
Italian FTSE MIB Index fell 2.28 percent. Meanwhile, the German
DAX tumbled 0.87 percent and the French CAC fell 1.32 percent and
U.K. shares declined 1.08 percent.
Economics The number of mortgage applications declined 4% last
week, the Mortgage Bankers Association said. The US economy
gained 158,000 private-payroll jobs in March, versus a revised
rise of 237,000 in February. Economists were expecting the
economy to gain 215,000 private jobs in March. The ISM services
index dropped to 54.4% in March, versus a reading of 56% in
February. However, economists were expecting the index to fall to
55.8%. Crude supplies gained 2.7 million barrels for the week
ended March 29, the Energy Information Administration reported.
However, analysts were expecting a 2.5 million-barrel rise. Fed
members John Williams and James Bullard are set to speak.
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