Following the market opening Wednesday, the Dow traded up 0.36
percent to 15,932.44 while the NASDAQ surged 0.05 percent to
4,025.49. The S&P also rose, gaining 0.20 percent to
Top Headline FedEx (NYSE:
) reported a
downbeat fiscal second-quarter
FedEx's quarterly profit surged to $500 million, or $1.57 per
share, versus a year-ago profit of $438 million, or $1.39 per
Its revenue climbed 3% to $11.4 billion. However, analysts
were estimating earnings of $1.64 per share on revenue of $11.44
billion. For the full year, FedEx now projects adjusted earnings
growth of 8% to 14%, versus its earlier growth forecast of 7% to
Equities Trading UP Valassis Communications (NYSE:
) shot up 21.24 percent to $34.31 after the company
agreed to be acquired
by Harland Clarke Holdings Corp for $34.04 per share in cash.
Shares of Lennar (NYSE:
) got a boost, shooting up 4.97 percent to $36.95 after the
reported a rise
in its fiscal fourth-quarter profit.
) was also up, gaining 5.75 percent to $8.83 after the company
reported that it has
acquired the US rights
to CAMBIA® (diclofenac potassium for oral solution) from Nautilus
Neurosciences for $48.7 million.
Equities Trading DOWN Shares of Jabil Circuit (NYSE:
) were down 20.03 percent to $15.77 after the company reported
downbeat fiscal first-quarter
results and issued a weak outlook for its second quarter.
Citigroup downgraded the stock from Neutral to Sell and lowered
the target price from $24 to $14.
VeriFone Systems (NYSE:
) shares tumbled 7.12 percent to $23.22 after the company posted
a loss in its fiscal fourth quarter and forecast for the fiscal
first quarter and full year.
General Mills (NYSE:
) was down, falling 2.19 percent to $48.49 after the company Q2
Commodities In commodity news, to $97.34, while gold traded up
0.15 percent to $1,232.00.
Silver traded up 0.48 percent Wednesday to $19.94, while
copper fell 0.20 percent to $3.32.
Eurozone European shares today. The Spanish Ibex Index gained
0.99 percent, while Italy's FTSE MIB Index climbed 1.09 percent.
Meanwhile, the German DAX surged 1.12 percent and the French CAC
40 jumped 0.90 percent while U.K. shares gained 0.27 percent.
Economics US housing starts jumped 22.7% to an adjusted annual
rate of 1.09 million in November. However, economists were
projecting housing starts to reach a rate of 955,000.
The MBA reported that its index of mortgage application
activity declined 5.50% in the week ended December 13, 2013.
The Treasury is set to auction 5-year notes.
The FOMC will announce its policy decision at 2:00 p.m. ET,
while Fed Chairman Ben Bernanke will hold press briefing at 2:30
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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