Mid-Morning Market Update: Markets Rise; Bank of America Profit Beats Estimates


Following the market opening Wednesday, the Dow traded up 0.41 percent to 16,440.23 while the NASDAQ surged 0.58 percent to 4,207.45. The S&P also rose, gaining 0.38 percent to 1,845.89.

Top Headline Bank of America (NYSE: BAC ) reported a strong rise in its fourth-quarter profit.

Bank of America's quarterly profit surged to $3.44 billion, from a year-ago profit of $732 million. On a per-share basis, it earned $0.29, versus analysts' estimates of $0.26 per share.

Its revenue surged 15% to $21.49 billion, versus analysts' estimates of $21.24 billion. The bank's consumer real estate division posted a loss of $1.06 billion.

Equities Trading UP Shares of NuVasive (NASDAQ: NUVA ) got a boost, shooting up 8.70 percent to $36.72 after the company issued upbeat FY14 revenue forecast.

Intercept Pharmaceuticals (NASDAQ: ICPT ) shot up 5.08 percent to $268.07 on Bank of America's reiteration of $872 price target and a Buy rating.

NQ Mobile (NYSE: NQ ) was also up, gaining 13.36 percent to $15.78 following 'Sprint Live' news.

Equities Trading DOWN Shares of The ExOne Company (NASDAQ: XONE ) were down 9.07 percent to $56.61 after the company lowered its 2013 revenue guidance. Canaccord Genuity downgraded the stock from Buy to Hold and cut the price target from $75.00 to $55.00.

Fastenal Company (NASDAQ: FAST ) tumbled 5.85 percent to $45.39 after the company reported downbeat Q4 profit.

Kosmos Energy (NYSE: KOS ) was down, falling 6.39 percent to $10.40 after the company issued its 2014 production outlook.

Commodities In commodity news, oil traded up 0.51 percent to $93.06, while gold traded down 0.75 percent to $1,236.10.

Silver traded down 1.17 percent Wednesday to $20.05, while copper fell 0.33 percent to $3.33.

Eurozone European shares were higher today. The Spanish Ibex Index rose 0.27 percent, while Italy's FTSE MIB Index gained 1.13 percent. Meanwhile, the German DAX climbed 1.34 percent and the French CAC 40 rose 0.66 percent while U.K. shares gained 0.64 percent.

Economics The MBA's index of mortgage application activity rose 11.90% in the week ended January 10, 2014.

The Empire State manufacturing index rose to 12.51 in January, versus a revised 2.22 in December. However, economists were expecting a reading of 3.50 in January.

The producer price index rose 0.40% in December, while the core PPI gained 0.30% in the month. However, economists were expecting a 0.40% gain in the overall PPI and a 0.10% surge in the core index.

The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

(c) 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Economy , Futures , International

Referenced Stocks: BAC , FAST , KOS , NQ , NUVA


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