Midway through trading Wednesday, the Dow traded down 0.76
percent to 15,062.00, while the NASDAQ fell 0.82 percent to
3,417.18. The S&P was also down, dropping 0.84 percent to
Top Headline Brown-Forman (NYSE:
) reported an 8% rise in its fiscal fourth-quarter profit.
Brown-Forman's quarterly profit surged to $113 million, or
$0.52 per share, versus $105 million, or $0.49 per share, in the
year-ago period. Its revenue climbed 8% to $866 million from $801
million. However, analysts were projecting earnings of $0.46 per
share on revenue of $801 million.
Brown-Forman projects fiscal 2014 earnings of $2.80 to $3.00
Equities Trading UP Avanir Pharmaceuticals (NASDAQ:
) shot up, gaining 10.53 percent to $3.73, after the FDA agreed
to an expedited development pathway for AVP-786.
Mattress Firm Holding (NASDAQ:
) was also up 6.39 percent to $39.96 after the company reported
upbeat fiscal first-quarter results.
) got a boost, shooting up 6.22 percent to $50.63 after the
company reported an 8.1% rise in its fiscal fourth-quarter
Equities Trading DOWN Mechel OAO (NYSE:
) was down, falling 4.07 percent to $2.83 after the company
signed a coking coal supply agreement with Shasteel Group.
Thermon Group Holdings (NYSE:
) shares tumbled 4.91 percent to $19.74 on downbeat Q4
Giant Interactive Group (NYSE:
) was down 9.18 percent to $7.72 after the company announced
secondary offering of 15,137,853 American Depositary Shares by
Commodities In commodity news, oil traded up 0.68 percent to
$93.94, while gold gained 0.61 percent to $1,405.60.
Silver traded up 0.99 percent Wednesday to $22.63, while
copper rose 0.33 percent to $3.38.
Eurozone European shares were lower today. Eurozone first
quarter GDP contracted 0.2 percent, in line with expectations,
however the annualized rate fell 1.1 percent vs. an expected drop
of 1.0 percent. eurozone retail sales were also a poor print this
morning as April retail sales declined 0.5 percent from March on
expectations of a decline of 0.1 percent.
The Spanish Ibex Index fell 0.80 percent and the Italian FTSE
MIB Index dropped 0.75 percent. Meanwhile, the German DAX
declined 0.99 percent and the French CAC 40 tumbled 1.71 percent
while U.K. shares dropped 1.86 percent.
Economics The MBA index of mortgage application activity
declined 11.5% in the latest week, versus a fall of 8.8% for the
The US economy added 135,000 jobs in May, according to
Automatic Data Processing. However, economists were projecting a
gain of 170,000 jobs.
Productivity increased 0.5% in the first quarter, matching
economists' estimates. Hourly compensation declined 3.8% in the
The ISM non-manufacturing index rose to 53.70 in May, versus a
reading of 53.10 in April. However, economists were expecting a
reading of 53.50.
Factory orders rose 1.00% in April. However, economists were
expecting factory orders to rise 1.50%.
US crude oil inventories fell by 6.30 million barrels to
391.30 million barrels during the week ended May 31, the Energy
Information Administration reported. However, analysts were
projecting oil inventories to drop 800,000 barrels last week.
The Federal Reserve will also release its latest Beige Book
report at 2:00 p.m. ET.
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advice. All rights reserved.
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