Market Overview

Mid-Morning Market Update: Markets Open Higher, MasterCard Profit Tops Estimates

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Following the market opening Wednesday, the Dow traded up 0.36 percent to 15,575.92 while the NASDAQ surged 0.51 percent to 3,634.82. The S&P also rose, gaining 0.36 percent to 1,692.04.

Top Headline
MasterCard (NYSE: MA) reported a better-than-expected second-quarter profit.

MasterCard's quarterly profit surged to $848 million, or $6.96 per share, from $700 million, or $5.55 per share, in the year-ago period.

Its revenue climbed 15% to $2.1 billion from $1.82 billion. However, analysts were projecting earnings of $6.30 per share on revenue of $1.90 billion.

Equities Trading UP
Trius Therapeutics (NASDAQ: TSRX) shot up 17.59 percent to $13.77 after the company agreed to be acquired by Cubist Pharmaceuticals (NASDAQ: CBST).

Shares of Questcor Pharmaceuticals (NASDAQ: QCOR) got a boost, shooting up 17.27 percent to $60.88 after the company reported upbeat Q2 earnings.

SodaStream International (NASDAQ: SODA) was also up, gaining 12.32 percent to $65.50 after the company reported strong Q2 results and lifted its FY13 forecast.

Equities Trading DOWN
Shares of Riverbed Technology (NASDAQ: RVBD) were down 14.50 percent to $14.99 after the company reported downbeat second-quarter revenue.

Optimer Pharmaceuticals (NASDAQ: OPTR) shares tumbled 6.09 percent to $12.48 after Cubist Pharmaceuticals (NASDAQ: CBST) announced its plans to acquire Trius Therapeutics (NASDAQ: TSRX) and Optimer for up to $1.62 billion.

Jive Software (NASDAQ: JIVE) was down, falling 19.16 percent to $13.80 on downbeat outlook.

Commodities
In commodity news, oil traded up 0.20 percent to $103.29, while gold traded down 0.20 percent to $1,322.20.

Silver traded down 0.03 percent Wednesday to $19.68, while copper rose 0.97 percent to $3.07.

Eurozone
European shares were mostly lower today. The Spanish Ibex Index dropped 0.60 percent and the Italian FTSE MIB Index declined 0.37 percent. Meanwhile, the German DAX fell 0.32 percent and the French CAC 40 tumbled 0.18 percent while U.K. shares rose 0.82 percent.

Economics
The MBA's index of mortgage application activity fell 3.7% for the week ending July 26, 2013.

US private firms added 200,000 jobs in July, according to the ADP National Employment Report. However, analysts were projecting a rise of 185,000 jobs in July.

The employment costs index gained 0.5% in the second quarter, versus economists' expectations for a 0.4% rise.

The US economy expanded at a 1.7% annual rate in the second quarter, versus a downwardly revised growth of 1.1% in the first quarter. However, economists were expecting a 1.0% growth in the second quarter.

The Chicago PMI rose to 52.30 in July, versus a prior reading of 51.60. However, economists were expecting a reading of 54.0.

The FOMC will announce its policy decision at 2:00 p.m. ET.

Posted-In: News Eurozone Commodities Forex Hot Intraday Update Markets Movers

 

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