Mid-Afternoon Market Update: FuelCell Energy Hangs on to Gains as Canadian Solar Shares Fall on Poor Report
Toward the end of trading Wednesday, the Dow traded down 0.25 percent to 16,354.72 while the NASDAQ gained 0.03 percent to 4,353.13. The S&P also fell, dropping 0.09 percent to 1,872.16.
Leading and Lagging Sectors Wednesday morning, the financial sector proved to be a source of strength for the market. Leading the sector was strength from SouFun Holdings (NYSE: SFUN ) and E-House (China) Holdings (NYSE: EJ ). In trading on Wednesday, energy shares were relative laggards, down on the day by about 0.67 percent. Among the energy stocks, Endeavour International (NYSE: END )was down more than 22 percent, while TransGlobe Energy (NASDAQ: TGA ) tumbled around 6 percent.
Top Headline Brown-Forman (NYSE: BF-B ) reported a 12% gain in its fiscal third-quarter profit and lifted its forecast for the year. Brown-Forman now expects full-year earnings of $2.95 to $3.05 per share, versus its earlier forecast of $2.80 to $3 per share. Brown-Forman's quarterly profit surged to $177 million, or $0.82 per share, versus a year-ago profit of $157 million, or $0.73 per share. Its net sales climbed 5% to $1.08 billion. However, analysts were projecting earnings of $0.75 per share on sales of $1.07 billion.
Equities Trading UP FuelCell Energy (NASDAQ: FCEL ) shot up 11.81 percent to $3.03 after jumping 24.88% on Tuesday.
Shares of Gogo (NASDAQ: GOGO ) were on the rise as well, gaining 11.33 percent to $24.12, despite little news on the name.
Equities Trading DOWN Shares of XOMA (NASDAQ: XOMA ) were down 27.54 percent to $6.84 after the company reported Q4 results and provided anupdate on its gevokizumab development program. Credit Suisse downgraded the stock from Outperform to Neutral.
The Chefs' Warehouse (NASDAQ: CHEF ) shares tumbled 3.87 percent to $22.83 after the company reported Q4 results and issued a weak FY14 earnings outlook.
Canadian Solar (NASDAQ: CSIQ ) was also falling, dropping 10.64 percent to $39.01 after the company missed on both top and bottom lines, while guiding lower in its fourth quarter report Wednesday morning.
Commodities In commodity news, oil traded down 1.98 percent to $101.28, while gold traded up 0.01 percent to $1,338.00.
Silver traded up 0.13 percent Wednesday to $21.20, while copper fell 0.40 percent to $3.20.
Eurozone European shares were mostly lower today.
The Spanish Ibex Index rose 0.87 percent, while Italy's FTSE MIB Index surged 1.38 percent.
Meanwhile, the German DAX dropped 0.49 percent and the French CAC 40 fell 0.11 percent while U.K. shares declined 0.71 percent.
Economics The MBA reported that its index of mortgage application activity rose 9.40% in the week ended February 28.
Private sector employers added 139,000 jobs in February, according to Automatic Data Processing Inc. However, economists were expecting an addition of 155,000 jobs in the month.
The Markit PMI services index came in at 53.30 for February.
The ISM non-manufacturing index fell to 51.60 in February, versus a prior reading of 54.00. However, economists were expecting a reading of 53.50.
Crude stockpiles climbed 1.4 million barrels for the week ended February 28, the US Energy Information Administration reported. However, analysts were expecting a rise of 1.5 million barrels.
Gasoline supplies slipped 1.6 million barrels, while distillate stockpiles climbed by 1.4 million barrels.
The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.
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