Market Overview

Market Wrap for Wednesday, September 11: S&P and Dow Close Up, Commodities and NASDAQ Close Down

Major Indexes

The Dow closed up 0.89 percent to 15,326,22

The NASDAQ closed down 0.11 percent to 3,725.01

The S&P closed up 0.30 percent to 1,689.12

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
Fusion-io (NYSE: FIO) rallied hard following Wednesday's open and closed up 11.42 percent to $14.63 after more speculation surrounded the possibility of the company being acquired, with a price being rumored to be between $22 and $27.

Shares of Polycom (NASDAQ: PLCM) got a boost, closing up 7.94 percent to $10.74 after the company announced the repurchase of $400 million of its common stock.

SYNNEX (NYSE: SNX) was also up, closing up 20.01 percent to $57.57 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) closed down 11.99 percent to $67.02 on Q2 results.

Apple (NASDAQ: AAPL) shares closed down 5.41 percent to $467.89 as the company unveiled two new iPhones yesterday. Analysts at Bank of America downgraded the stock from Buy to Neutral.

Multimedia Game (NASDAQ: MGAM) also closed down 7.29 percent to $36.14 after the company announced a 2 million share offering yesterday.

Commodities
In commodity news, oil closed down 0.07 percent to $107.31, while gold closed down 0.29 percent to $1,360.10.

Silver traded up 0.63 percent Wednesday to $23.12, while copper rose 0.09 percent to $3.27.

Eurozone
European shares were higher today. The Spanish Ibex Index surged to close up 0.84 percent, while Italy's FTSE MIB Index closed up 1.33 percent. Meanwhile, the German DAX gained to close up 0.58 percent and the French CAC 40 closed up 0.06 percent while U.K. shares also closed up 0.06 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%.

Crude oil supplies declined by 200,000 barrels for the week ended September 6, the US Energy Information Administration reported. However, analysts were expecting a fall of 2 million barrels.

The Treasury is set to auction 10-year notes.

Posted-In: Market WrapBonds Commodities Forex Economics After-Hours Center Markets Movers Best of Benzinga

 

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