Lackluster earnings and concerns about overvaluations continue
to weight on the equity market Wednesday, with International
Business Machines (
) leading blue-chips lower after Big Blue revised its FY14
guidance. The Nasdaq Composite index, however, is staying above
water, holding onto a very slim gain, thanks to advances by shares
of biotechnology companies.
But despite the downbeat mood in the financial markets, stocks
have traded in a narrow range today, with investors cautious ahead
of economic data Thursday that includes weekly jobless claims and
existing home sales. Although estimates for both measures are very
modest, the potential for an upside surprise - especially by the
initial jobless claims - could be the catalyst needed to propel
fresh market gains.
Crude oil was up $0.92 to $94.88 per barrel. Natural gas was up
$0.14 to $4.50 per 1 million BTU. Gold was down $1.10 to $1,240.70
an ounce, while silver was up $0.01 to $19.88 an ounce. Copper was
down $0.02 to $3.33 per pound.
Among energy ETFs, the United States Oil Fund was up 1.27% to
$34.41 with the United States Natural Gas Fund up 3.16% to $22.22.
Amongst precious-metal funds, the Market Vectors Gold Miners ETF
was down 1.30% to 23.33 while SPDR Gold Shares were down 0.03% to
$119.66. The iShares Silver Trust was down 0.05% to $19.16.
Here's where the markets stand at mid-day:
NYSE Composite Index down 7.86 (-0.08%) to 10,358.15
Dow Jones Industrial Average down 36.70 (-0.22%) to
S&P 500 up 1.35 (+0.07%) to 1,845.15
Nasdaq Composite Index up 17.30 (+0.41%) to 4,243.06
Nikkei 225 Index up 0.16%
Hang Seng Index up 0.21%
Shanghai China Composite Index up 2.16%
FTSE 100 Index down 0.12%
CAC 40 up 0.03%
DAX down 0.10%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.13%
NYSE Financial Sector Index down 0.08%
NYSE Healthcare Sector Index down 0.35%
(+) LUNA (+103.1%) The company announces the sale of its
shape-sensing technology for medical applications to Intuitive
(+) DRWI, DRWI.TO (+18.2%) Selected by Gogo Inc. (
) to provide microwave solutions for backhaul connectivity as part
of Gogo's ongoing expansion.
NOVB (+28.8%) Agrees to merge with TriCo Bancshares (
) in a transaction valued at approximately $178.4 million.
VISN (+32.29%) Enters into an exclusive strategic cooperation
agreement with Baidu Games (
(-) JE, JE.TO, (-5.3%) Fixes terms of its offering of senior
unsecured convertible bonds due 2019, with the number of notes
increased from original plans and the price set at $9.3762 per
(-) PWE, PWT.TO (-9.1%) The Canadian exploration and production
company late Tuesday cut its target for 2014 average production
(-) BBSI (-13.9%) Expects Q4 gross sales of about $779.3
million, below the Street estimates for $787 million.
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