Mid-Morning Market Update: Markets Mixed; Mondelez Plans To Combine Coffee Business With D.E. Master Blenders
Following the market opening Wednesday, the Dow traded up 0.29 percent to 16,448.93 while the NASDAQ tumbled 0.65 percent to 4,054.23. The S&P also rose, gaining 0.17 percent to 1,870.82.
Leading and Lagging Sectors
Utilities shares rose around 0.69 percent in trading on Wednesday. Top gainers in the sector included New Jersey Resources (NYSE: NJR), Avista (NYSE: AVA), and FirstEnergy (NYSE: FE). Technology shares fell about 0.48 percent in today's trading.
Mondelez International (NASDAQ: MDLZ) announced its plans to combine its coffee businesses with D.E. Master Blenders 1753 B.V and also announced a $3.5 billion corporate restructuring plan. Mondelez's quarterly net profit dropped to $163 million, or $0.09 per share, versus a year-ago profit of $669 million, or $0.39 per share. Its adjusted earnings came in at $0.39 per share. Its net revenue fell 1.2% to $8.6 billion, while operating income rose 1.1% to $843 million. However, analysts were expecting earnings of $0.35 per share on revenue of $8.66 billion.
Equities Trading UP
ARRIS Group (NASDAQ: ARRS) shares shot up 13.49 percent to $29.19 after the company reported better-than-expected Q1 results and issued a strong Q2 forecast.
Shares of Caesars Entertainment (NASDAQ: CZR) got a boost, shooting up 16.70 percent to $21.66 on Q1 results.
Electronic Arts (NASDAQ: EA) shares were also up, gaining 16.51 percent to $32.68 after the company reported stronger-than-expected fiscal fourth-quarter results. EA reported its adjusted earnings of $0.48 per share on revenue of $1.12 billion. However, analysts were expecting earnings of $0.11 per share on revenue of $812.4 million.
Equities Trading DOWN
Shares of zulily (NASDAQ: ZU) were 24.08 percent to $34.84 on weaker-than-expected Q1 earnings. Whole Foods Market (NASDAQ: WFM) shares tumbled 20.15 percent to $38.29 after the company reported weaker-than-expected fiscal second-quarter results and cut its guidance for 2014.
In commodity news, oil traded up 0.58 percent to $100.08, while gold traded down 0.39 percent to $1,303.50.
Silver traded down 0.48 percent Wednesday to $19.55, while copper fell 0.77 percent to $3.03.
European shares were mostly lower today.
The eurozone's STOXX 600 slipped 0.01 percent, the Spanish Ibex Index fell 0.22 percent, while Italy's FTSE MIB Index declined 0.48 percent.
Meanwhile, the German DAX gained 0.53 percent and the French CAC 40 surged 0.23 percent while UK shares dropped 0.21 percent.
The MBA reported that its index of mortgage application activity rose 5.30% for the week ended May 2.
US productivity declined at an annual rate of 1.7% in the first quarter, versus economists' expectations for a 1.2% fall.
Unit-labor costs rose 4.2% in the quarter.
Data on consumer credit for March will be released at 3:00 p.m. ET.
The Treasury is set to auction 10-year notes.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.