Mid-Morning Market Update: Markets Edge Higher; Joy Global Profit Drops 5.3%
Following the market opening Wednesday, the Dow traded up 0.08 percent to 14,787.63 while the NASDAQ surged 0.22 percent to 3,586.36. The S&P also rose, gaining 0.08 percent to 1,631.73.
Joy Global (NYSE: JOY) reported a 5.3% fall in its fiscal third-quarter earnings.
Joy Global's quarterly profit fell to $183.2 million, or $1.71 per share, from $193.5 million, or $1.81 per share, in the year-ago period. Excluding one-time items, its earnings declined to $1.70 per share from $1.87 per share.
Its sales declined 4.9% to $1.32 billion. However, analysts were expecting earnings of $1.37 per share on revenue of $1.18 billion. Joy Global reported a 36% drop in its orders.
Avago Technologies (NYSE: AVGO) was also up, gaining 6.72 percent to $39.01 after the company issued upbeat fiscal fourth-quarter sales forecast.
Equities Trading DOWN
Shares of AutoNavi Holdings (NASDAQ: AMAP) were down 10.37 percent to $13.13 after the company reported downbeat Q2 results.
Ryanair Holdings plc (NASDAQ: RYAAY) was down, falling 2.79 percent to $47.26 after the U.K. regulator ordered the airline to lower its 28.9% stake in Aer Lingus.
In commodity news, oil traded up 0.87 percent to $109.96, while gold traded up 0.47 percent to $1,426.90.
Silver traded up 0.57 percent Wednesday to $24.84, while copper fell 0.57 percent to $3.32.
European shares were mostly lower today. The Spanish Ibex Index dropped 1.08 percent, while Italy's FTSE MIB Index gained 0.14%. Meanwhile, the German DAX fell 1.61 percent and the French CAC 40 declined 0.72 percent while U.K. shares dropped 0.64 percent.
Mortgage applications fell 2.5% for the week ending August 23, 2013, according to data from the Mortgage Bankers Association.
The pending home sales index declined 1.3% in July.
The Treasury is set to auction 5-year notes.
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