Mid-Morning Market Update: Markets Fall, Time Warner Posts Higher Profit

Following the market opening Wednesday, the Dow traded down 0.33 percent to 15,466.94 while the NASDAQ declined 0.15 percent to 3,660.18. The S&P also fell, dropping 0.31 percent to 1,692.10.

Top Headline
Time Warner TWX reported a rise in its second-quarter profit. Time Warner's quarterly profit surged to $771 million, or $0.81 per share, from $413 million, or $0.42 per share, in the year-ago period. Its adjusted earnings came in at $0.83 per share. Its revenue climbed to $7.4 billion from $6.7 million. However, analysts were estimating earnings of $0.76 per share on revenue of $7.1 billion.

Equities Trading UP
Finisar FNSR shot up 15.42 percent to $22.08 after the company issued strong Q1 forecast. Raymond James upgraded the stock from Market Perform to Outperform. Shares of WellCare Health Plans WCG got a boost, shooting up 8.17 percent to $65.52 after the company reported upbeat Q2 results and lifted its FY13 earnings view. Santarus SNTS was also up, gaining 9.24 percent to $27.17 after the company reported a rise in its Q2 net profit.

Equities Trading DOWN
Shares of SunEdison SUNE were down 14.90 percent to $8.28 after the company reported a wider Q2 loss. First Solar FSLR shares tumbled 11.25 percent to $41.49 after the company reported weaker-than-expected second-quarter results and lowered its 2013 outlook. Zillow Z was down, falling 8.55 percent to $82.95 after the company swung to a Q2 loss. Analysts at RBC Capital also downgraded the stock from Outperform to Sector Perform.”

Commodities
In commodity news, oil traded down 0.51 percent to $104.76, while gold traded down 0.15 percent to $1,280.60. Silver traded down 0.76 percent Wednesday to $19.38, while copper fell 1.21 percent to $3.13.

Eurozone
European shares were mixed today. German factory orders rose 3.8 percent in June, the Economy Ministry in Berlin reported. However, economists were expecting a rise of 1 percent. The Spanish Ibex Index gained 0.21 percent and the Italian FTSE MIB Index surged 0.87 percent. Meanwhile, the German DAX tumbled 0.41 percent and the French CAC 40 rose 0.06 percent while U.K. shares declined 0.86 percent.

Economics
The Mortgage Bankers Association reported that its index of mortgage application activity increased 0.2 percent in the week ended August 2. The Treasury is set to auction 10-year notes. Fed's Sandra Pianalto is expected to speak today. Data on consumer credit for June will be released at 3:00 p.m. ET.