Following the market opening Wednesday, the Dow traded down
0.14 percent to 14,429.17 while the NASDAQ dropped 0.26 percent
to 3,234.04. The S&P also fell, dropping 0.19 percent to
Index Technicals: The S&P seems to have found support at
1,550 yesterday with overhead resistance set at 1,556.50, and
lower support at 1,540.
The Dow looks poised to take out 14,400, which will turn into
a new support level as the index finds resistance at 14,450.
The NASAQ looks to find support at 3,223.00, while it finds
resistance at 3,253 and lower support at 3,215.
Finally, the Russell looks to be trading between 943 and 940,
with lower support set at 930.
Top Headline Yesterday, Spectrum Pharmaceuticals (NASDAQ:
) issued downbeat sales forecast.
Spectrum expected sales of its drug Fusilev in the range of
$10 million to $15 million for the first quarter and $80 million
to $90 million for the year.
It projected 2013 total revenue in the range of $160 million
to $180 million, versus analysts' estimates of $290.8
Equities Trading UP Heckmann (NYSE:
) shot up 4.59 percent to $4.33. Yesterday, the company reported
surprise Q4 profit.
Shares of Prudential plc (NYSE:
) got a boost, shooting up 5.27 percent to $32.34 after the
company's indirect wholly owned subsidiary Jackson reported
record IFRS net income of $992.0 million for 2012.
Allscripts Healthcare Solutions (NASDAQ:
) was also up, gaining 4.68 percent to $13.21.
Equities Trading DOWN Spectrum Pharmaceuticals (NASDAQ:
) shares tumbled 36.20 percent to $7.93 after the company issued
downbeat sales forecast.
) was also down, falling 9.28 percent to $17.10 after the company
issued weak view.
Shares of MEMC Electronic Materials (NYSE:
) were down 9.02 percent to $4.94 after the company announced its
plans to change its name to SunEdison and projects its 2013
semiconductor sales to increase as much as 7.8%.
Commodities In commodity news, oil traded up 0.63 percent to
$93.12, while gold traded up 0.27 percent to $1,596.00.
Silver traded up 0.24 percent Wednesday to $29.24, while
copper rose 0.01 percent to $3.56.
Eurozone European shares were lower on some weak earnings from
companies such as Inditex and rumors of a secondary offering to
fill a capital shortfall at Commerzbank.
French Non-Farm Payrolls fell 0.3 percent in February, below
expectations of a drop of 0.2 percent in the month which would
have been a flat reading month-over-month.
The Spanish Ibex Index tumbled 0.73 percent and the Italian
FTSE MIB Index dropped 1.48 percent. The STOXX Europe 600 Index
fell 0.19 percent, London's FTSE 100 Index fell 0.89 percent,
French CAC 40 Index declined 0.15 percent and German DAX 30 index
dropped 0.01 percent.
Economics US retail sales rose 1.1% in February, beating
analysts' expectations for a 0.7% increase.
US import price index climbed 1.1% in February, surpassing
analysts' expectations for a 0.5% gain.
The MBA Mortgage Applications declined 4.7% in the latest week
ended March 8.
US business inventories rose 1% to $1.64 trillion in
The Treasury is set to auction 10-year notes.
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