Market Overview

Mid-Day Market Update: U.S. Stocks Mixed After 4-Day Gain; Andersons Tumbles On Downbeat Results

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Midway through trading Wednesday, the Dow traded down 0.22 percent to 15,959.71 while the NASDAQ surged 0.23 percent to 4,200.66. The S&P also rose, gaining 0.02 percent to 1,820.06.

Leading and Lagging Sectors
In trading on Wednesday, energy shares were relative leaders after strong Chinese trade data. Energy stocks surged around 0.29 percent on the day.

Leading the group were shares of Frontline (NYSE: FRO), up about 7.5 percent and shares of Petrobras Argentina SA (NYSE: PZE) up about 5.4 percent on the day.

Shares of BPZ Resources (NYSE: BPZ) also jumped around 3.9 percent after the company announced new production from CX15-2D offshore well. Non-Cyclical Consumer Goods & Services stocks dropped 0.48 percent in Wednesday's trading, compared to S&P's 0.02 percent gain.

Lorillard (NYSE: LO) was the top decliner in the sector, down 5.8 percent, after reporting downbeat fourth-quarter earnings.

Top Headline
Deere & Co (NYSE: DE) reported a rise in its first-quarter profit. Deere's quarterly profit surged to $681.1 million, or $1.81 per share, versus a year-ago profit of $649.7 million, or $1.65 per share. Its total net sales climbed 3% to $7.65 billion. However, analysts were projecting earnings of $1.52 per share on sales of $6.58 billion. For fiscal year 2014, Deere projects equipment sales to decline around 3%. It also estimates full-year profit of around $3.3 billion.

Equities Trading UP
Conversant (NASDAQ: CNVR) shot up 19.20 percent to $25.91 after reporting strong Q4 earnings. Craig-Hallum upgraded the stock from Hold to Buy.

Shares of Kforce (NASDAQ: KFRC) got a boost, shooting up 14.60 percent to $21.11 after the company issued a strong Q1 outlook.

AMCOL International (NYSE: ACO) was also up, gaining 12.49 percent to $41.31 after the company agreed to be acquired by IMERYS for $41 per share.

Equities Trading DOWN
Shares of Jive Software (NASDAQ: JIVE) were down 14.66 percent to $7.57 after the company issued a weak revenue forecast. Morgan Stanley downgraded the stock from Overweight to Equal-weight.

The Andersons (NASDAQ: ANDE) shares tumbled 7.79 percent to $79.47 after the company reported downbeat Q4 results.

WellCare Health Plans (NYSE: WCG) was down, falling 8.21 percent to $57.11 after the company reported a 12% drop in its fourth-quarter earnings.

Commodities
In commodity news, oil traded up 0.65 percent to $100.59, while gold traded up 0.27 percent to $1,293.30.

Silver traded up 0.73 percent Wednesday to $20.30, while copper rose 1.28 percent to $3.26.

Eurozone
European shares were mostly higher today.

The Spanish Ibex Index fell 0.10 percent, while Italy's FTSE MIB Index climbed 1.30 percent.

Meanwhile, the German DAX surged 0.65 percent and the French CAC 40 gained 0.52 percent while U.K. shares rose 0.04 percent.

Economics
The MBA reported that its index of mortgage application activity fell 2% in the week ended February 7.

Crude stockpiles climbed 3.3 million barrels for the week ended February 7, the U.S. Energy Information Administration reported. However, analysts were expecting a gain of 2.5 million barrels.

Gasoline stockpiles dropped 1.9 million barrels, while distillate supplies slipped 700,000 barrels.

The U.S. Treasury monthly budget report for January will be released at 2:00 p.m. ET.

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

 

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