Midway through trading Wednesday, the Dow traded down 0.51
percent to 15,891.09 while the NASDAQ declined 0.76 percent to
4,029.85. The S&P also fell, dropping 0.68 percent to
Top Headline Joy Global (NYSE:
) reported an 87% drop in fiscal fourth-quarter earnings. Joy
Global projects full-year earnings of $3 to $3.50 per share on
revenue of $3.6 billion to $3.8 billion.
However, analysts were projecting earnings of $3.68 per share
on revenue of $3.8 billion. Joy Global's quarterly profit fell to
$26.8 million, or $0.25 per share, from a year-ago profit of
$212.6 million, or $1.99 per share.
Excluding special items, it earned $1.11 per share. Its sales
declined 35% to $1.18 billion. However, analysts were expecting
earnings of $1.12 per share on sales of $1.12 billion.
Equities Trading UP NorthStar Realty Finance (NYSE:
) shot up 15.79 percent to $11.51 after the company announced its
plans to spin-off
Asset Management Business into a separate publicly traded
Shares of Scripps Networks Interactive (NYSE:
) got a boost, shooting up 7.60 percent to $80.97 on a report
from Variety that Discovery Communications, was considering a bid
for the parent company of the Food Network, Travel Channel and
Smith & Wesson Holding (NASDAQ:
) was also up, gaining 2.31 percent to $12.40 after the company
reported an upbeat Q2 profit. Equities Trading DOWN Shares of
Avanir Pharmaceuticals (NASDAQ:
) were down 20.51 percent to $3.41 after the company reported
that phase II PRIME study of investigation drug AVP-923 did not
meet primary efficacy endpoint. The company also reported a
wider Q4 loss.
Laboratory Corp. of America Holdings (NYSE:
) shares tumbled 10.44 percent to $88.80 after the company issued
a weak 2014 profit guidance.
Joy Global (NYSE:
) was down, falling 3.97 percent to $54.01 after the company
In commodity news,
oil traded down 0.70 percent
to $97.82, while gold traded down 0.17 percent to $1,259.00.
Silver traded up 0.39 percent Wednesday to $20.40, while copper
rose 0.58 percent to $3.29.
Eurozone European shares
today. The Spanish Ibex Index tumbled 0.85 percent, while Italy's
FTSE MIB Index dropped 1.44 percent. Meanwhile, the German DAX
declined 0.42 percent and the French CAC 40 dropped 0.10 percent
while U.K. shares fell 0.11 percent. Economics The MBA's index of
mortgage application activity rose 1% in the week ended December
6, 2013. Crude supplies declined 10.6 million barrels for the
week ended December 6, the US Energy Information Administration
However, analysts were expecting a drop of 2.8 million
barrels. The Treasury is set to auction 10-year notes. The US
Treasury monthly budget report for November will be released at
2:00 p.m. ET.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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