Following the market opening Wednesday, the Dow traded up 0.08
percent to 15,926.56 while the NASDAQ surged 0.06 percent to
4,039.41. The S&P also rose, gaining 0.08 percent to
Top Headline Express (NYSE:
) issued a
downbeat earnings forecast
for the holiday quarter.
Express now projects a Q4 profit of $0.66 to $0.71 per share,
versus analysts' estimates of $0.78 per share.
Express reported its Q3 net income of $19.3 million, or $0.23
per share, up from $17.4 million, or $0.20 per share, in the
year-ago period. However, analysts expected a profit of $0.25 per
share. Its sales climbed 7% to $503 million, while same-store
sales gained 5% in the period.
Equities Trading UP OncoMed Pharmaceuticals (NASDAQ:
) shot up 10.83 percent to $30.70 after the company initiated
Phase 1B trial of WNT-parthway-target antibody. Jefferies lifted
the price target on the stock from $27 to $46.
Shares of G-III Apparel Group (NASDAQ:
) got a boost, shooting up 9.95 percent to $64.09 after the
company reported upbeat Q3 results and raised its FY14
Gran Tierra Energy (NYSE:
) was also up, gaining 2.56 percent to $7.20 after the company
provided updates for its operations in Colombia.
Equities Trading DOWN Shares of Express (NYSE:
) were down 18.89 percent to $20.01 after the company reported
downbeat Q3 earnings and issued a weak Q4 earnings forecast.
OmniVision Technologies (NASDAQ:
) shares tumbled 6.74 percent to $14.91 after the company
Sears Holdings (NASDAQ:
) was down, falling 9.36 percent to $50.35 after the company's
CEO Edward Lampert cut his stake in the company to 48.4% from
Commodities In commodity news,
oil traded up 0.90 percent
to $96.90, while gold traded up 0.46 percent to $1,226.40.
Silver traded up 1.26 percent Wednesday to $19.31, while
copper rose 1.29 percent to $3.21.
Eurozone European shares
today. The Spanish Ibex Index tumbled 0.70 percent, while Italy's
FTSE MIB Index declined 0.85 percent. Meanwhile, the German DAX
dropped 1.21 percent and the French CAC 40 declined 0.90 percent
while U.K. shares fell 0.61 percent.
Economics The MBA's index of mortgage application activity
dropped 12.80% in the week ended November 29.
Private-sector employers added 215,000 jobs in November,
according to Automatic Data Processing. However, economists were
expecting an addition of 170,000 jobs in the month.
U.S. trade deficit dropped 5.4% to $40.6 billion in October.
However, economists were expecting the deficit to decline to
$40.0 billion in the month. The nation's exports increased 1.8%
to $192.7 billion, while imports rose 0.4% to $233.3 billion.
The ISM non-manufacturing index fell to 53.90 in November,
versus a prior reading of 55.40. However, economists were
expecting a reading of 55.00.
Sales of new U.S. homes surged 25.4% to an annual rate of
444,000 in October, versus 354,000 in September. However,
economists were expecting sales to total 419,000 in October.
The Fed will release its Beige Book at 2:00 p.m. ET.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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