Mid-Afternoon Market Update: SunPower Drops as Fifth & Pacific Posts a Rally
Toward the end of trading Wednesday, the Dow traded down 0.73 percent to 14,555.07 while the NASDAQ dropped 1.170.53 percent to 3,216.67. The S&P also fell, dropping 1.08 percent to 1,553.58.
ConAgra Foods (NYSE: CAG) reported a 57.2% drop in its fiscal third-quarter earnings. ConAgra's quarterly earnings fell to $120 million, or $0.29 per share, versus $280.1 million, or $0.68 per share, in the year-ago period. Its adjusted earnings came in at $0.55 per share, versus analysts' estimates of $0.56 per share. Its net sales climbed to $3.85 billion from $3.4 billion.
The company also announced a dividend of $0.25 per share.
Equities Trading UP
Zynga (NASDAQ: ZNGA) shot up 14.98 percent to $3.53 after the company announced its first real-money gambling games in Britain.
Shares of Conns (NASDAQ: CONN) got a boost, shooting up 7.82 percent to $38.90 after the company issued upbeat FY14 earnings forecast.
Fifth & Pacific (NYSE: FNP) was also up, rising sharply late in the morning and continuing the rally throughout the day. Shares were up 7.47 percent to $20.00 on a report that the company may be entering a sale.
Equities Trading DOWN
Tesla Motors (NASDAQ: TSLA) shares tumbled 7.95 percent to $40.81 after the company announced leasing program for the Model S.
SunPower (NASDAQ: SPWR) also took a hit, falling 9.26 percent to $9.74 after the company revealed a new family of solar panels this morning that apparently disappointed traders.
Shares of Global Payments (NYSE: GPN) were down 9.37 percent to $44.42 after the company reported weak fiscal third-quarter earnings.
In commodity news, oil traded down 2.85 percent to $94.42, while gold traded down 1.19 percent to $1,565.90.
Silver traded down 1.03 percent Wednesday to $27.01, while copper fell 1.48 percent to $3.33.
European shares were lower following the inflation data which showed a continued slowdown in the economy.
Eurozone inflation slowed to 1.7 percent in March from 1.8 percent in February and was in line with expectations. The cooling inflation does give the European Central Bank room to ease tomorrow should it want to do so.
The Spanish Ibex Index dropped 1.81% while the Italian FTSE MIB Index fell 2.28 percent. Meanwhile, the German DAX tumbled 0.87 percent and the French CAC fell 1.32 percent and U.K. shares declined 1.08 percent.
The number of mortgage applications declined 4% last week, the Mortgage Bankers Association said.
The US economy gained 158,000 private-payroll jobs in March, versus a revised rise of 237,000 in February.Economists were expecting the economy to gain 215,000 private jobs in March.
The ISM services index dropped to 54.4% in March, versus a reading of 56% in February. However, economists were expecting the index to fall to 55.8%.
Crude supplies gained 2.7 million barrels for the week ended March 29, the Energy Information Administration reported. However, analysts were expecting a 2.5 million-barrel rise.
Fed members John Williams and James Bullard are set to speak.NASDAQ dropped 0.53 percent to 3,237.67. The S&P also fell, dropping 0.62 percent to 1,560.58.
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