Market Overview

Mid-Afternoon Market Update: Markets Nearly Erase Early Year Losses as The ExOne Continues to Drop

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Toward the end of trading Wednesday, the Dow traded up 0.68 percent to 16,486.56 while the NASDAQ surged 0.74 percent to 4,214.83. The S&P also rose, gaining 0.52 percent to 1,848.10.

Top Headline
Bank of America (NYSE: BAC) reported a strong rise in its fourth-quarter profit.

Bank of America's quarterly profit surged to $3.44 billion, from a year-ago profit of $732 million. On a per-share basis, it earned $0.29, versus analysts' estimates of $0.26 per share.

Its revenue surged 15% to $21.49 billion, versus analysts' estimates of $21.24 billion. The bank's consumer real estate division posted a loss of $1.06 billion.

Equities Trading UP
Shares of NuVasive (NASDAQ: NUVA) got a boost, shooting up 8.91 percent to $36.79 after the company issued upbeat FY14 revenue forecast.

DryShips (NASDAQ: DRYS) was on the rise as well, gaining 7.88 percent to $3.97 after the baltic dry index posted a gain for the first time in 7 sessions.

NQ Mobile (NYSE: NQ) was also up, gaining 13.07 percent to $15.74 following 'Sprint Live' news.

Equities Trading DOWN
Shares of The ExOne Company (NASDAQ: XONE) were down 8.30 percent to $57.10 after the company lowered its 2013 revenue guidance. Canaccord Genuity downgraded the stock from Buy to Hold and cut the price target from $75.00 to $55.00.

Fastenal Company (NASDAQ: FAST) tumbled 4.48 percent to $46.06 after the company reported downbeat Q4 profit.

Kosmos Energy (NYSE: KOS) was down, falling 8.19 percent to $10.20 after the company issued its 2014 production outlook.

Commodities
In commodity news, oil traded up 1.95 percent to $94.40, while gold traded down 0.35 percent to $1,241.70.

Silver traded down 0.52 percent Wednesday to $20.14, while copper rose 0.58 percent to $3.36.

Eurozone
European shares were higher today. The Spanish Ibex Index rose 1.22 percent, while Italy's FTSE MIB Index gained 1.62 percent. Meanwhile, the German DAX climbed 1.89 percent and the French CAC 40 rose 1.35 percent while U.K. shares gained 0.67 percent.

Economics
The MBA's index of mortgage application activity rose 11.90% in the week ended January 10, 2014.

The Empire State manufacturing index rose to 12.51 in January, versus a revised 2.22 in December. However, economists were expecting a reading of 3.50 in January.

The producer price index rose 0.40% in December, while the core PPI gained 0.30% in the month. However, economists were expecting a 0.40% gain in the overall PPI and a 0.10% surge in the core index.

Crude supplies dropped by 7.7 million barrels for the week ended January 10, the U.S. Energy Information Administration reported. However, analysts were expecting for a drop of 1.6 million barrels.

The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Futures Forex Global Econ #s

 

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