Mid-Day Market Update: Potbelly Shares Surge On Upbeat Profit; Safe Bulkers Falls
Midway through trading Wednesday, the Dow traded down 0.34 percent to 15,696.73 while the NASDAQ gained 0.07 percent to 3,922.48. The S&P also fell, declining 0.08 percent to 1,766.34.
Macy's quarterly profit surged to $177 million, or $0.47 per share, versus a year-ago profit of $145 million, or $0.36 per share.
Its sales climbed 3.3 percent to $6.28 billion. However, analysts were expecting a profit of $0.39 per share on sales of $6.18 billion. Its same-store sales increased 3.5 percent, beating analysts' expectations for a 2.1 percent rise.
Equities Trading UP
Potbelly (NASDAQ: PBPB) shot up 13.72 percent to $30.77 after the company reported an upbeat Q3 profit.
Shares of E-House (China) Holdings (NYSE: EJ) got a boost, shooting up 7.63 percent to $10.78 after the company reported Q3 results.
Equities Trading DOWN
Shares of Safe Bulkers (NYSE: SB) were down 6.99 percent to $7.58 after the company priced 6 million shares at $7.43 per share.
Frank's International NV (NYSE: FI) shares tumbled 12.40 percent to $25.86 on Q3 results.
In commodity news, oil traded up 1.33 percent to $94.28, while gold traded up 0.28 percent to $1,274.70.
Silver traded down 0.57 percent Wednesday to $20.66, while copper fell 2.33 percent to $3.16.
European shares were lower today. The Spanish Ibex Index tumbled 0.36 percent, while Italy's FTSE MIB Index fell 1.28 percent. Meanwhile, the German DAX dropped 0.32 percent and the French CAC 40 declined 0.53 percent while U.K. shares fell 1.19 percent.
The MBA's index of mortgage application activity declined 1.80 percent in the week ending November 8.
The Treasury budget data for October will be released at 2:00 p.m. ET, while the Federal Reserve Chairman Ben Bernanke is expected to speak at 7:00 p.m. ET.
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