Mid-Day Market Update: Synaptics Rises On Strong Revenue Forecast, Apollo Group Tumbles

By Jake L'Ecuyer,

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Midway through trading Wednesday, the Dow traded up 0.58 percent to 14,846.10 while the NASDAQ gained 0.66 percent to 3,370.10. The S&P rose, surging 0.59 percent to 1,597.43.

Top Headline Monsanto (NYSE: MON ) reported a 3% drop in its third-quarter net profit.

Monsanto's quarterly profit declined to $909 million, or $1.68 per share, versus $937 million, or $1.74 per share, in the year-ago period. Its adjusted earnings came in at $1.66 per share.

Its revenue dropped to $4.25 billion from $4.22 billion. However, analysts were projecting earnings of $1.61 per share on revenue of $4.41 billion.

Equities Trading UP Synaptics (NASDAQ: SYNA ) shot up 10.76 percent to $39.73 after the company lifted its Q4 revenue forecast.

Shares of Raptor Pharmaceuticals (NASDAQ: RPTP ) got a boost, shooting up 20.42 percent to $9.73 after the company's PROCYSBI( TM ) received U.S. orphan drug exclusivity.

Lindsay (NYSE: LNN ) was also up, gaining 4.26 percent to $78.10 after the company reported upbeat Q3 results.

Equities Trading DOWN Shares of Apollo Group (NASDAQ: APOL ) were down 6.97 percent to $18.03 after the company reported downbeat third-quarter revenue.

Mistras Group (NYSE: MG ) was down, falling 11.94 percent to $18.00 after the company lowered its profit forecast for the year.

First Cash Financial Services (NASDAQ: FCFS ) shares tumbled 12.03 percent to $48.56 after the company lowered its 2013 earnings view.

Commodities In commodity news, oil traded down 0.65 percent to $94.70, while gold traded down 3.19 percent to $1,234.40.

Silver traded down 4.41 percent Wednesday to $18.69, while copper fell 0.75 percent to $3.05.

Eurozone European shares were higher today. The German IFO Institute cut its 2013 growth forecast for Germany to 0.6 percent from 0.7 percent but is still above the government's forecast of 0.5 percent and the Bundesbank's forecast of 0.3 percent growth. France's economy contracted 0.2 percent in the first quarter, in line with estimates and the same from the prior reading. On an annualized basis, France's economy contracted 0.4 percent.

The Spanish Ibex Index rose 2.83 percent and the Italian FTSE MIB Index surged 2.03 percent. Meanwhile, the German DAX rose 1.66 percent and the French CAC 40 jumped 2.09 percent while U.K. shares surged 1 percent.

Economics The US economy grew 1.8% in the first quarter, versus a prior estimate of 2.4%. However, economists were projecting growth of 2.4% in the same period.

The MBA purchase applications index dropped 3% versus the earlier week.

US crude-oil supplies remained unchanged at 394.1 million barrels for the week ended June 21, the Energy Information Administration reported. However, analysts were expecting for a 2 million-barrel drop.

The Treasury will auction 5-year notes.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Commodities , Economy
Referenced Stocks: APOL , FCFS , LNN , SYNA , TM

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