Midway through trading Wednesday, the Dow traded down 0.26
percent to 16,353.72 while the NASDAQ gained 0.03 percent to
4,353.13. The S&P also fell, dropping 0.05 percent to
Leading and Lagging Sectors Wednesday morning, the financial
sector proved to be a source of strength for the market. Leading
the sector was strength from SouFun Holdings (NYSE:
) and E-House (China) Holdings (NYSE:
In trading on Wednesday, energy shares were relative laggards,
down on the day by about 0.67 percent. Among the energy stocks,
Endeavour International (NYSE:
) was down more than 22 percent, while TransGlobe Energy (NASDAQ:
) tumbled around 6 percent.
Top Headline Brown-Forman (NYSE:
) reported a
in its fiscal third-quarter profit and lifted its forecast for
the year. Brown-Forman now expects full-year earnings of $2.95 to
$3.05 per share, versus its earlier forecast of $2.80 to $3 per
share. Brown-Forman's quarterly profit surged to $177 million, or
$0.82 per share, versus a year-ago profit of $157 million, or
$0.73 per share. Its net sales climbed 5% to $1.08 billion.
However, analysts were projecting earnings of $0.75 per share on
sales of $1.07 billion. Equities Trading UP FuelCell Energy
) shot up 16.97 percent to $3.17 after jumping 24.88% on
Shares of Smith & Wesson Holding (NASDAQ:
) got a boost, shooting up 18.47 percent to $13.98 after the
company reported upbeat quarterly results. Cowen & Company
upgraded the stock from Market Perform to Outperform and lifted
the price target from $14.00 to $16.00.
) was also up, gaining 14.52 percent to $36.35 after the company
Equities Trading DOWN Shares of XOMA (NASDAQ:
) were down 26.59 percent to $6.93 after the company reported Q4
provided an update
on its gevokizumab development program. Credit Suisse downgraded
the stock from Outperform to Neutral.
The Chefs' Warehouse (NASDAQ:
) shares tumbled 5.47 percent to $22.45 after the company
reported Q4 results and issued a weak FY14 earnings outlook.
TransGlobe Energy (NASDAQ:
) was down, falling 6.79 percent to $7.28 on Q4 results.
Commodities In commodity news,
oil traded down 1.21 percent
to $102.08, while gold traded up 0.10 percent to $1,339.30.
Silver traded up 0.25 percent Wednesday to $21.28, while
copper fell 0.30 percent to $3.21.
Eurozone European shares
were mostly lower
The Spanish Ibex Index rose 0.87 percent, while Italy's FTSE
MIB Index surged 1.38 percent.
Meanwhile, the German DAX dropped 0.49 percent and the French
CAC 40 fell 0.11 percent while U.K. shares declined 0.71
Economics The MBA reported that its index of mortgage
application activity rose 9.40% in the week ended February
Private sector employers added 139,000 jobs in February,
according to Automatic Data Processing Inc. However, economists
were expecting an addition of 155,000 jobs in the month.
The Markit PMI services index came in at 53.30 for
The ISM non-manufacturing index fell to 51.60 in February,
versus a prior reading of 54.00. However, economists were
expecting a reading of 53.50.
Crude stockpiles climbed 1.4 million barrels for the week
ended February 28, the US Energy Information Administration
reported. However, analysts were expecting a rise of 1.5 million
Gasoline supplies slipped 1.6 million barrels, while
distillate stockpiles climbed by 1.4 million barrels.
The Federal Open Market Committee will release its latest
Beige Book report at 2:00 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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