Market Overview

Mid-Day Market Update: Dow Surges; Apple Shares Tumble More Than 5%

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Midway through trading Wednesday, the Dow traded up 0.57 percent to 15,277.76 while the NASDAQ declined 0.20 percent to 3,721.45. The S&P rose, gaining 0.09 percent to 1,685.55.

Top Headline
Texas Instruments (NASDAQ: TXN) narrowed its third-quarter forecast.

Texas Instruments expects Q3 earnings of $0.51 to $0.55 per share on revenue of $3.15 billion to $3.29 billion. Analysts were expecting earnings of $0.53 per share on sales of $3.23 billion. In July, the company had expected sales of $3.09 billion to $3.35 billion.

Equities Trading UP
Xoom (NASDAQ: XOOM) shot up 4.17 percent to $31.96 after the company priced its follow-on offering of 4,403,270 shares of its common stock at a price of $30.50 per share.

Shares of Polycom (NASDAQ: PLCM) got a boost, shooting up 8.34 percent to $10.78 after the company announced the repurchase of $400 million of its common stock.

SYNNEX (NYSE: SNX) was also up, gaining 20.53 percent to $57.82 after the company announced its plans to buy IBM's customer care unit for $505 million.

Equities Trading DOWN
Shares of Restoration Hardware Holdings (NYSE: RH) were down 7.46 percent to $70.39 on Q2 results.

Apple (NASDAQ: AAPL) shares tumbled 5.78 percent to $466.05 as the company unveiled two new iPhones yesterday. Analysts at Bank of America downgraded the stock from Buy to Neutral.

SunEdison (NYSE: SUNE) was down, falling 6.17 percent to $7.84. SunEdison announced the proposed public offering of 30 million shares of common stock.

Commodities
In commodity news, oil traded up 0.40 percent to $107.82, while gold traded down 0.09 percent to $1,362.80.

Silver traded up 0.60 percent Wednesday to $23.16, while copper rose 0.15 percent to $3.27.

Eurozone
European shares were higher today. The Spanish Ibex Index surged 0.84 percent, while Italy's FTSE MIB Index rose 1.33 percent. Meanwhile, the German DAX gained 0.58 percent and the French CAC 40 climbed 0.06 percent while U.K. shares rose 0.07 percent.

Economics
The MBA's index of mortgage application activity dropped 13.5% last week from the previous week.

US wholesale inventories increased 0.1% in July, while wholesale sales rose 0.1%.

Crude oil supplies declined by 200,000 barrels for the week ended September 6, the US Energy Information Administration reported. However, analysts were expecting a fall of 2 million barrels.

The Treasury is set to auction 10-year notes.

Posted-In: Mid-Day Market UpdateEarnings News Guidance Eurozone Commodities Forex Global Econ #s Economics Hot Intraday Update Markets Movers Tech

 

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