Midway through trading Wednesday, the Dow traded down 0.37
percent to 15,472.70 while the NASDAQ declined 0.19 percent to
3,738.49. The S&P also fell, dropping 0.23 percent to
Top Headline FedEx (NYSE:
) reported a
rise in its fiscal first-quarter
FedEx's quarterly profit surged to $489 million, or $1.53 per
share, versus a year-ago profit of $459 million, or $1.45 per
Its revenue gained 2% to $11 billion from $10.8 billion.
However, analysts were estimating earnings of $1.50 per share on
revenue of $11 billion.
Equities Trading UP Adobe Systems (NASDAQ:
) shot up 7.56 percent to $51.78 after the company reported that
its subscription revenue climbed 73% to $299.4 million and its
Creative Cloud service added 331,000 paying subscribers in the
Shares of New Residential Investment (
) got a boost, shooting up 4.93 percent to $6.71 after the
company declared a third quarter dividend of $0.175 per
) was also up, gaining 2.72 percent to $113.69 after the company
reported a rise in its fiscal first-quarter profit.
Equities Trading DOWN Shares of Tower Group International
) were down 26.77 percent to $10.15. Tower Group announced its
plans to release its Q2 results during the week of October 7,
2013. FBR Capital downgraded the stock from Outperform to Market
Cracker Barrel Old Country Store (NASDAQ:
) shares tumbled 4.67 percent to $102.00 after the company
reported a 1.1% drop
in its fiscal fourth-quarter earnings and issued a downbeat Q1
Five Below (NASDAQ:
) down, falling 5.74 percent to $45.72 after the company
announced the secondary offering of 7.1 million shares by selling
Commodities In commodity news,
oil traded up 2 percent
to $107.53, while gold traded down 0.73 percent to $1,299.90.
Silver traded down 2.11 percent Wednesday to $21.33, while
copper rose 1.54 percent to $3.27.
Eurozone European shares
were mostly higher
today. The Spanish Ibex Index gained 0.78 percent, while Italy's
FTSE MIB Index rose 0.30 percent. Meanwhile, the German DAX
gained 0.45 percent and the French CAC 40 rose 0.60 percent while
U.K. shares dipped 0.17 percent.
Economics The Mortgage Bankers Association reported that its
index of mortgage application activity rose 11.20% in the week
ended September 13 versus the prior week.
US housing starts rose 0.9% to an annual rate of 891,000 in
August. However, economists were expecting housing starts to
reach an annual rate of 921,000.
Crude stockpiles declined 4.4 million barrels for the week
ended September 13, the US Energy Information Administration
reported. However, analysts were expecting a fall of 1.5 million
The Federal Open Market Committee will announce its policy
decision and economic projections at 2:00 p.m. ET.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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