Mid-Day Market Update: U.S. Stocks Drop; Twitter Shares Jump On Debut
Midway through trading Thursday, the Dow traded down 0.29 percent to 15,700.93 while the NASDAQ declined 1.22 percent to 3,883.87. The S&P also fell, dropping 0.57 percent to 1,760.41.
The Wendy's Co (NASDAQ: WEN) reported better-than-expected third-quarter adjusted earnings.
Wendy's posted a quarterly loss of $1.9 million, or $0.00 per share, versus a year-ago loss of $26.2 million, or $0.07 per share. Its adjusted earnings per share climbed to $0.08 from $0.02.
Its revenue climbed to $640.8 million from $636.3 million. However, analysts were projecting earnings of $0.06 per share on revenue of $640 million. Wendy's lifted its full-year earnings view to $0.25 per share.
Equities Trading UP
HomeAway (NASDAQ: AWAY) shot up 16.71 percent to $33.95 after the company reported a 63 percent rise in its Q3 profit. Raymond James upgraded the stock from Outperform to Strong Buy.
Shares of Twitter (NYSE: TWTR) got a boost, shooting up 74.55 percent to $45.38 as the social network began trading on the NYSE. The microblogging site priced 70 million share offering at $26.00 per share.
Equities Trading DOWN
Shares of Nationstar Mortgage Holdings (NYSE: NSM) were down 18.29 percent to $40.22 after the company reported Q3 results. Stonegate Mortgage announced its plans to acquire Nationstar's wholesale lending channel.
Whole Foods Market (NASDAQ: WFM) shares tumbled 9.21 percent to $58.53 after the company reported downbeat fiscal fourth-quarter revenue and lowered its FY14 forecast.
In commodity news, oil traded down 0.80 percent to $94.04, while gold traded down 0.39 percent to $1,312.70.
Silver traded down 0.20 percent Thursday to $21.73, while copper fell 0.09 percent to $3.23.
European shares were mostly lower today. The Spanish Ibex Index dropped 0.87 percent, while Italy's FTSE MIB Index tumbled 1.82 percent. Meanwhile, the German DAX gained 0.58 percent and the French CAC 40 declined 0.07 percent while U.K. shares fell 0.65 percent.
US jobless claims declined by 9,000 to 336,000 in the week ending November 2. However, economists were projecting claims to drop to 335,000.
The US economy expanded by 2.8 percent in the third quarter. However, economists were expecting a 2.3 percent growth.
The Bloomberg Consumer Comfort Index fell to minus 37.9 in the week ending November 3, versus minus 37.6.
Natural gas supplies climbed 35 billion cubic feet for the week ending November 1, the US Energy Information Administration reported. However, analysts were expecting a rise of 34 billion cubic feet to 38 billion cubic feet.
Data on consumer credit for September will be released at 3:00 p.m. ET, while money supply data will be released at 4:30 p.m. ET.
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