Market Overview

Mid-Day Market Update: Finisar Shares Jump On Strong Outlook, First Solar Tumbles

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Midway through trading Wednesday, the Dow traded down 0.53 percent to 15,436.84 while the NASDAQ declined 0.75 percent to 3,638.21. The S&P also fell, dropping 0.62 percent to 1,686.84.

Top Headline
Time Warner (NYSE: 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 (NASDAQ: FNSR) shot up 14.74 percent to $21.95 after the company issued strong Q1 forecast. Raymond James upgraded the stock from Market Perform to Outperform.

Shares of WellCare Health Plans (NYSE: WCG) got a boost, shooting up 9.25 percent to $66.17 after the company reported upbeat Q2 results and lifted its FY13 earnings view.

Santarus (NASDAQ: SNTS) was also up, gaining 10.49 percent to $27.48 after the company reported a rise in its Q2 net profit.

Equities Trading DOWN
Shares of SunEdison (NASDAQ: SUNE) were down 19.94 percent to $7.79 after the company reported a wider Q2 loss.

First Solar (NASDAQ: FSLR) shares tumbled 14.40 percent to $40.02 after the company reported weaker-than-expected second-quarter results and lowered its 2013 outlook.

Zillow (NASDAQ: Z) was down, falling 10.25 percent to $81.42 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 0.28 percent to $105.01, while gold traded up 0.25 percent to $1,285.70.

Silver traded down 0.07 percent Wednesday to $19.51, while copper rose 0.06 percent to $3.18.

Eurozone
European shares were mixed today. German factory orders rose 3.8% in June, the Economy Ministry in Berlin reported. However, economists were expecting a rise of 1%. The Spanish Ibex Index gained 0.42 percent and the Italian FTSE MIB Index surged 0.93 percent. Meanwhile, the German DAX tumbled 0.55 percent and the French CAC 40 rose 0.15 percent while U.K. shares declined 1.13 percent.

Economics
The Mortgage Bankers Association reported that its index of mortgage application activity increased 0.2% in the week ended August 2.

US crude supplies fell 1.3 million barrels to 363.3 million barrels for the week ended August 2, the Energy Information Administration reported. However, analysts were projecting a fall of 2 million barrels.

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.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s

 

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