Mid-Day Market Update: US Stocks Slide; Alcoa Shares Surge On Upbeat Results
Midway through trading Wednesday, the Dow traded down 0.19 percent to 14,748.69 while the NASDAQ declined 1.02 percent to 3,657.06. The S&P also fell, dropping 0.36 percent to 1,649.48.
Family Dollar's quarterly profit surged to $102.2 million, or $0.88 per share, versus $80.9 million, or $0.69 per share, in the year-ago period. Excluding special items, it earned $0.86 per share.
Its revenue climbed to $2.50 billion from $2.36 billion, while comparable-store sales came in flat. However, analysts were projecting earnings of $0.83 per share on revenue of $2.57 billion. Family Dollar estimates 2014 earnings of $3.80 to $4.15 per share.
Equities Trading UP
The Men's Wearhouse (NYSE: MW) shot up 27.99 percent to $45.10 after Jos. A. Bank Clothiers offered to acquire Men's Wearhouse for around $2.3 billion. However, Men's Wearhouse decided to reject the offer.
Shares of Jos. A Bank Clothiers (NASDAQ: JOSB) got a boost, shooting up 7.51 percent to $44.79 on merger talk.
K12 (NYSE: LRN) shares tumbled 37.01 percent to $18.01 on lower outlook. BMO Capital downgraded the stock from Outperform to Market Perform.
Yum! Brands (NYSE: YUM) was down, falling 8.35 percent to $65.35 after the company reported a 68% drop in its third-quarter profit and lowered its forecast.
In commodity news, oil traded down 1.73 percent to $101.70, while gold traded down 1.70 percent to $1,302.10.
Silver traded down 2.53 percent Wednesday to $21.88, while copper fell 1.90 percent to $3.23.
European shares were mixed today. The Spanish Ibex Index rose 1.22 percent, while Italy's FTSE MIB Index surged 0.98 percent. Meanwhile, the German DAX fell 0.31 percent and the French CAC 40 declined 0.27 percent while U.K. shares dropped 0.57 percent.
The MBA's index of mortgage application activity rose 1.30% for the week ended October 4, versus a prior reading of 0.40% drop.
Crude stockpiles climbed 6.8 million barrels for the week ended October 4, the US Energy Information Administration reported. However, analysts were expecting a rise of 2.2 million barrels.
The Treasury is set to auction 10-year notes.
The Federal Open Market Committee will release minutes of its latest meeting at 2:30 p.m. ET.
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