Following the market opening Wednesday, the Dow traded down
0.46 percent to 15,899.02 while the NASDAQ declined 0.50 percent
to 4,040.26. The S&P also fell, dropping 0.53 percent to
Top Headline Joy Global (NYSE:
) reported an 87% drop in fiscal fourth-quarter earnings. Joy
Global projects full-year earnings of $3 to $3.50 per share on
revenue of $3.6 billion to $3.8 billion. However, analysts were
projecting earnings of $3.68 per share on revenue of $3.8
Joy Global's quarterly profit fell to $26.8 million, or $0.25
per share, from a year-ago profit of $212.6 million, or $1.99 per
share. Excluding special items, it earned $1.11 per share. Its
sales declined 35% to $1.18 billion. However, analysts were
expecting earnings of $1.12 per share on sales of $1.12
Equities Trading UP NorthStar Realty Finance (NYSE:
) shot up 17.29 percent to $11.66 after the company announced its
plans to spin-off
Asset Management Business into a separate publicly traded
Shares of Scripps Networks Interactive (NYSE:
) got a boost, shooting up 5.91 percent to $79.70 on a report
from Variety that Discovery Communications, was considering a bid
for the parent company of the Food Network, Travel Channel and
Smith & Wesson Holding (NASDAQ:
) was also up, gaining 6.44 percent to $12.90 after the company
reported an upbeat Q2 profit.
Equities Trading DOWN Shares of Avanir Pharmaceuticals
) were down 14.92 percent to $3.65 after the company reported
that phase II PRIME study of investigation drug AVP-923 did not
meet primary efficacy endpoint. The company also reported a wider
Laboratory Corp. of America Holdings (NYSE:
) shares tumbled 7.34 percent to $91.87 after the company issued
a weak 2014 profit guidance.
Joy Global (NYSE:
) was down, falling 3.54 percent to $54.25 after the company
Commodities In commodity news,
oil traded down 0.19 percent
to $98.32, while gold traded down 0.13 percent to $1,259.50.
Silver traded up 0.42 percent Wednesday to $20.40, while copper
rose 0.49 percent to $3.28.
Eurozone European shares
were mostly higher
today. The Spanish Ibex Index rose 0.16 percent, while Italy's
FTSE MIB Index dropped 0.33 percent. Meanwhile, the German DAX
gained 0.29 percent and the French CAC 40 surged 0.76 percent
while U.K. shares rose 0.40 percent.
Economics The MBA's index of mortgage application activity
rose 1% in the week ended December 6, 2013. The Treasury is set
to auction 10-year notes. The US Treasury monthly budget report
for November will be released at 2:00 p.m. ET.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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