Mid-Morning Market Update: Markets Mostly Lower; Lowe's Posts Upbeat Profit

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Following the
market opening
Wednesday, the Dow traded down 0.25 percent to 14,965.20 while the NASDAQ gained 0.01 percent to 3,614.01. The S&P also fell, dropping 0.19 percent to 1,649.23.
Top Headline
Lowe's Companies
LOW
reported a 26% rise in its fiscal second quarter earnings and lifted its forecast for the year. Lowe's quarterly profit surged to $941 million, or $0.88 per share, from $747 million, or $0.64 per share, in the year-earlier period. Its net sales climbed 10% to $15.71 billion. However, analysts were expecting earnings of $0.79 per share on revenue of $15.07 billion. Lowe's now projects full-year earnings of $2.10 per share on sales growth of 5%. The company had earlier expected earnings of $2.05 per share on sales growth of 4%.
Equities Trading UP
Incyte
INCY
shot up 22.33 percent to $33.03 on positive
top-line results
of Phase II proof-of-concept trial of ruxolitinib. Shares of Lowe's Companies
LOW
got a boost, shooting up 4.45 percent to $46.04 after the company reported a 26% rise in its
fiscal second quarter earnings
and lifted its forecast for the year. Trina Solar
TSL
was also up, gaining 4.86 percent to $8.20 after Cowen & Company upgraded the stock from Market Perform to Outperform.
Equities Trading DOWN
Shares of Staples
SPLS
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were down 12.23 percent to $14.78 after the company reported
weaker-than-expected
second-quarter earnings. American Eagle Outfitters
AEO
shares tumbled 10.29 percent to $14.69 after the company issued a
weak profit view
for the current quarter. Target
TGT
was down, falling 2.28 percent to $66.40 after the company
reported a drop
in its second-quarter profit.
Commodities
In commodity news,
oil traded down 0.15 percent
to $104.95, while gold traded down 0.58 percent to $1,364.60. Silver traded down 0.45 percent Wednesday to $23.02, while copper fell 0.64 percent to $3.32.
Eurozone
European shares
were lower
today. The Spanish Ibex Index tumbled 0.54 percent, while Italy's FTSE MIB Index dropped 0.91%. Meanwhile, the German DAX declined 0.18 percent and the French CAC 40 dipped 0.02 percent while U.K. shares fell 0.52 percent.
Economics
The Mortgage Bankers Association reported that its index of mortgage application activity declined 4.6% in the week ended August 16. US existing-home sales climbed 6.5% to an annual rate of 5.39 million. However, economists were estimating a sales rate of 5.21 million. The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesForexGlobalEcon #sEconomicsHotIntraday UpdateMarketsMoversTechMid-Morning Market Update
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