Mid-Day Market Update: Dycom Gains On Upbeat Results, CVR Partners Drops

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Midway through trading Wednesday, the Dow traded up 0.70 percent to 15,494.86, while the NASDAQ rose 0.48 percent to 3,518.99. The S&P was also up, gaining 0.65 percent to 1,679.98.

Top Headline Target (NYSE: TGT ) reported a drop in its first-quarter profit.

Target's quarterly profit declined to $498 million, or $0.77 per share, versus $697 million, or $1.04 per share, in the year-ago period. Its adjusted earnings per share came in at $1.05 per share. Its revenue dropped to $16.71 billion from $16.87 billion. However, analysts were projecting earnings of $0.95 per share on revenue of $16.85 billion.

Target cut its full-year adjusted earnings forecast to a range of $4.70 to $4.90 per share, versus a previous range of $4.85 to $5.05 per share.

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Equities Trading UP Saks (NYSE: SKS ) shot up, gaining 14.05 percent to $15.59, after the New York Post reported that Saks has hired Goldman Sachs to explore strategic alternatives including a sale.

NPS Pharmaceuticals (NASDAQ: NPSP ) was also up 10.87 percent to $16.11, after the company priced 6 million share public offering of common stock at $14.53 per share.

Dycom Industries (NYSE: DY ) got a boost, shooting up 10.68 percent to $22.59 on Q3 results

Equities Trading DOWN CVR Partners LP (NYSE: UAN ) was down, falling 6.87 percent to $24.55, after the company announced the pricing of secondary offering of common units by CVR Energy.

DryShips (NASDAQ: DRYS ) shares tumbled 6.44 percent to $2.1050. DryShips is expected to report its Q1 earnings after the closing bell today.

Target (NYSE: TGT ) was down 3.28 percent to $68.92 after the company reported a 29% drop in its first-quarter profit.

Commodities In commodity news, oil traded down 1.25 percent to $94.98, while gold dropped 0.25 percent to $1,374.20.

Silver traded up 0.24 percent Wednesday to $22.51, while copper rose 1.23 percent to $3.38.

Eurozone European shares were mostly higher on Wednesday. The Spanish Ibex Index fell 0.23 percent and the Italian FTSE MIB Index gained 0.56 percent. Meanwhile, the German DAX rose 0.62 percent and the French CAC 40 gained 0.37 percent while U.K. shares added 0.46 percent.

Economics The MBA index of mortgage application activity declined 9.8 percent in the week ended May 17.

Existing-home sales increased 0.6% to an annual rate of 4.97 million in April. However, sales of existing homes jumped 9.7% y/y.

Crude supplies declined 300,000 barrels for the week ended May 17. However, analysts were projecting a 1.2 million-barrel fall.

Dallas Federal Reserve Bank President Richard Fisher is set to speak in Nacogdoches, Texas at 1:00 p.m. ET.

The Federal Open Market Committee will release minutes of its latest meeting 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 Symbols: DRYS , DY , NPSP , SKS , TGT

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