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
Top Headline Target (NYSE:
) 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:
) 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:
) 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
Dycom Industries (NYSE:
) got a boost, shooting up 10.68 percent to $22.59 on Q3
Equities Trading DOWN CVR Partners LP (NYSE:
) was down, falling 6.87 percent to $24.55, after the company
announced the pricing of secondary offering of common units by
) shares tumbled 6.44 percent to $2.1050. DryShips is expected to
report its Q1 earnings after the closing bell today.
) 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%
Crude supplies declined 300,000 barrels for the week ended May
17. However, analysts were projecting a 1.2 million-barrel
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.
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