Following the market opening Wednesday, the Dow traded up 0.04
percent to 17,885.81 while the NASDAQ declined 0.06 percent to
4,753.06. The S&P also rose, gaining 0.21 percent to
Leading and Lagging Sectors
On Wednesday, the basic materials sector proved to be a source
of strength for the market. Leading the sector was strength from
Endeavour Silver (NYSE:
) and Silver Standard Resources (NASDAQ:
In trading on Wednesday, telecommunications services shares
were relative laggards, down on the day by about 0.63 percent.
Meanwhile, top losers in the sector included China Telecom Corp.
), down 2.2 percent, and Atlantic Tele-Network (NASDAQ:
), off 0.8 percent.
Abercrombie & Fitch (NYSE:
) reported a profit in the fiscal third quarter. However, the
company's revenue missed analysts' estimates. The company also
lowered its earnings
forecast for the full year.
The New Albany, Ohio-based company posted quarterly net income
of $18.2 million, or $0.25 per share, versus a year-ago net loss
of $15.6 million, or $0.20 per share. Its adjusted earnings came
in at $30.4 million, or $0.42 per share, versus a year-ago profit
of $40.5 million, or $0.52 per share.
Its revenue declined 12% to $911 million, while same-store
sales slipped 10%. However, analysts were expecting earnings of
$0.41 per share on revenue of $918.29 million.
For the full-year, Abercrombie & Fitch now projects
earnings of $1.50 to $1.65 per share, versus its earlier outlook
of $2.15 to $2.35 per share. Analysts expected earnings of $1.74
per share. It expects Q4 comparable sales to decline by a
mid-to-high single-digit percentage.
Equities Trading UP
G-III Apparel Group (NASDAQ:
) shares shot up 9.96 percent to $92.76 after the company
reported better-than-expected results for the third quarter and
raised its full-year forecast.
Shares of Carbonite (NASDAQ:
) got a boost, shooting up 24.15 percent to $14.60 after the
company confirmed the receipt of unsolicited proposal from J2
) shares were also up, gaining 26.56 percent to $3.86 on
settlement of patent disputes with Illumina (NASDAQ:
) and agreement to pool noninvasive prenatal testing IP.
Equities Trading DOWN
Puma Biotechnology (NYSE:
) shares tumbled 14.24 percent to $192.95 on delay in the NDA
filing for PB272.
Shares of Bob Evans Farms (NASDAQ:
) were down 7.70 percent to $51.49 after the company reported
better-than-expected earnings for the fiscal 2015 second quarter.
However, the company's revenue missed analysts' estimates.
Analysts at KeyBanc downgraded Bob Evans from Hold to
J. C. Penney Company (NYSE:
) was down, falling 5.41 percent to $6.99 after analysts at
Goldman Sachs downgraded the stock from Neutral to Sell.
In commodity news,
oil traded up 0.82 percent
to $67.43, while gold traded up 0.31 percent to $1,203.10.
Silver traded down 0.07 percent Wednesday to $16.45, while
copper fell 0.71 percent to $2.87.
were mostly higher
today. The eurozone's STOXX 600 rose 0.39 percent, the Spanish
Ibex Index gained 1.02 percent, while Italy's FTSE MIB Index
climbed 0.59 percent. Meanwhile, the German DAX rose 0.26 percent
and the French CAC 40 slipped 0.05 percent while UK shares fell
The MBA reported that its index of mortgage application
activity dropped 7.30% in the week ended November 28, 2014.
Private-sector employers added 208,000 jobs in November, ADP
reported. However, economists were projecting an addition of
US productivity rose at a revised annual pace of 2.3% in the
third quarter, versus a prior reading of a 2% growth.
The final reading of US Markit Services PMI fell to 56.20 in
November, versus a prior reading of 56.30. However, economists
were expecting a reading of 56.50.
The ISM non-manufacturing index surged to 59.30 in November,
versus a prior reading of 57.10. However, economists were
expecting a reading of 57.50.
The Federal Reserve will release its latest Beige Book report
at 2:00 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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