Mid-Afternoon Market Update: Markets Turn Back, Take Two Rallies on Earnings
Toward the end of trading Wednesday, the Dow traded down 0.09 percent to 13,966.18 while the NASDAQ fell 0.22 percent to 3,164.18. The S&P also fell, decreasing 0.09 percent to 1,509.25.
Making headlines Wednesday morning was the US Postal Service's decision to discontinue its Saturday service in August of this year. The decision will have wide ranging effects, hurting companies that rely on daily delivery such as Netflix (NASDAQ: NFLX) and creating interesting opportunities for UPS (NYSE: UPS) and FedEx (NYSE: FDX)
Equities Trading UP
Boise Cascade (NYSE: BCC) shot up 23.91 percent to $26.02 today, riding positive investor sentiment upwards following its initial public offering.
Shares of Shutterfly (NASDAQ: SFLY) were also up, gaining 19.80 percent to $40.24 after posting a very strong fourth-quarter earnings report after the close Tuesday.
Take-Two Interactive (NASDAQ: TTWO) traded up 14.22 percent to $14.46 after the company posted upbeat profits this morning before the market open, and continued to rally throughout the day.
Equities Trading DOWN
CH Robinson Worldwide (NASDAQ: CHRW) lead the downside of the equities, falling 9.98 percent to $60.32 after missing on the bottom line but beating on the top line after the close Tuesday.
Jive Software (NASDAQ: JIVE) dropped 7.76 percent to $13.44 throughout the day after beating on revenue, but releasing some poor guidance.
Shares of Infinera (NASDAQ: INFN) were also down, falling 9.52 percent to $6.80, despite beating on both top and bottom lines and receiving a series of upgrades this morning.
In commodity news, oil traded down 0.04 percent to $96.60, while gold traded up 0.27 percent to $1,678.00.
Silver traded down 0.07 percent Wednesday to $31.80.
European markets were mixed this morning as global growth fears following comments from the Chinese Minister of commerce shook trader confidence. On the downside, the Italian MIB index fell 0.92 percent, dragged down by financials, while U.K. shares showed an upside of 0.39 percent.
There were no major economic releases this morning.
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