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Mid-Morning Market Update: Markets Mostly Lower; Texas Instruments Narrows Q3 Forecast

By: Benzinga
Posted: 9/11/2013 10:21:00 AM
Referenced Stocks: AAPL;PLCM;RH;SNX;TXN

Following the market opening Wednesday, the Dow traded up 0.32 percent to 15,239.29 while the NASDAQ declined 0.36 percent to 3,715.56. The S&P also fell, dropping 0.14 percent to 1,681.71.

Top Headline Texas Instruments (NASDAQ: TXN ) narrowed its third-quarter forecast.

Texas Instruments expects Q3 earnings of $0.51 to $0.55 per share on revenue of $3.15 billion to $3.29 billion. Analysts were expecting earnings of $0.53 per share on sales of $3.23 billion. In July, the company had expected sales of $3.09 billion to $3.35 billion.

Equities Trading UP Xoom (NASDAQ: XOOM ) shot up 5.77 percent to $32.45 after the company priced its follow-on offering of 4,403,270 shares of its common stock at a price of $30.50 per share.

Shares of Polycom (NASDAQ: PLCM ) got a boost, shooting up 6.63 percent to $10.61 after the company announced the repurchase of $400 million of its common stock.

SYNNEX (NYSE: SNX ) was also up, gaining 18.05 percent to $56.63 after the company announced its plans to buy IBM's customer care unit for $505 million.

Equities Trading DOWN Shares of Restoration Hardware Holdings (NYSE: RH ) were down 4.55 percent to $72.60 on Q2 results.

Apple (NASDAQ: AAPL ) shares tumbled 4.87 percent to $470.53 as the company unveiled two new iPhones yesterday. Analysts at Bank of America downgraded the stock from Buy to Neutral.

SunEdison (NYSE: SUNE ) was down, falling 3.53 percent to $8.06. SunEdison announced the proposed public offering of 30 million shares of common stock.

Commodities In commodity news, to $107.55, while gold traded down 0.10 percent to $1,362.70.

Silver traded up 0.43 percent Wednesday to $23.12, while copper rose 0.51 percent to $3.28.

Eurozone European shares today. The Spanish Ibex Index surged 0.79 percent, while Italy's FTSE MIB Index rose 1.37 percent. Meanwhile, the German DAX gained 0.55 percent and the French CAC 40 declined 0.13 percent while U.K. shares fell 0.10 percent.

Economics The MBA's index of mortgage application activity dropped 13.5% last week from the previous week.

US wholesale inventories increased 0.1% in July, while wholesale sales rose 0.1%.

The Treasury is set to auction 10-year notes.

(c) 2013 Benzinga does not provide investment advice. All rights reserved.

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