Midway through trading Wednesday, the Dow traded down 0.05
percent to 15,309.86 while the NASDAQ declined 0.09 percent to
3,479.11. The S&P also fell, dropping 0.08 percent to
Top Headline FedEx (NYSE:
) reported a drop in its fourth-quarter profit.
FedEx's quarterly profit declined to $303 million, or $0.95
per share, versus $550 million, or $1.73 per share, in the
year-ago period. Its adjusted earnings came in at $2.13 per
Its revenue surged to $11.4 billion from $11 billion. However,
analysts were projecting earnings of $1.96 per share on revenue
of $11.45 billion.
Equities Trading UP Keryx Biopharmaceuticals (NASDAQ:
) shot up 6.37 percent to $8.15 after analysts at JP Morgan
initiated coverage on the stock with an "overweight" rating.
Shares of Nektar Therapeutics (NASDAQ:
) got a boost, shooting up 10.50 percent to $10.84 after the
company presented positive data from Human Abuse Liability Study
Intercept Pharmaceuticals (NASDAQ:
) was also up, gaining 10.77 percent to $36.56 after the company
pricing an underwritten public offering of 1,730,000 shares of
its common stock at a price of $33.01 per share.
Equities Trading DOWN La-Z-Boy (NYSE:
) was down, falling 4.59 percent to $19.35 after the company
reported a drop in its fiscal fourth-quarter net income.
Shares of Tetra Tech (NASDAQ:
) were down 13.41 percent to $23.15 after the company projected
to post a loss in the third quarter.
) shares tumbled 6.34 percent to $51.25 after the company lowered
its full-year forecast.
Commodities In commodity news, oil traded down 0.18 percent to
$98.26, while gold traded up 0.50 percent to $1,373.70.
Silver traded down 0.01 percent Wednesday to $21.68, while
copper fell 0.82 percent to $3.14.
Eurozone European shares were lower today. The Spanish Ibex
Index fell 1.14 percent and the Italian FTSE MIB Index declined
0.85 percent. Meanwhile, the German DAX fell 0.44 percent and the
French CAC 40 declined 0.55 percent while U.K. shares dropped
Economics The Mortgage Bankers Association reported that its
index of mortgage application activity dropped 3.3 percent for
the week ended June 14, 2013.
US crude-oil supplies surged by 300,000 barrels to 394.1
million barrels for the week ended June 14, the Energy
Information Administration reported. However, economists were
expecting a 1 million-barrel fall in supplies.
The FOMC will announce its policy decision at 2:00 p.m. ET.
Federal Reserve Chairman Ben Bernanke will hold a news conference
at 2:15 p.m. ET.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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