Mid-Afternoon Market Update: ULTA Salon Remains Steady After Strong Results; Orexigen Still Down 15%
Begining the final hour of trading Wednesday, the Dow traded down 0.65 percent to 16,834.95 while the NASDAQ declined 0.28 percent to 4,325.82. The S&P also fell, dropping 0.41 percent to 1,942.79.
Leading and Lagging Sectors
Industrials shares fell about 0.71 percent in trading on Wednesday. Meanwhile, top decliners in the sector included Collectors Universe (NASDAQ: CLCT), down 5.42 percent, and PMFG, (NASDAQ: PMFG), off 3.33 percent.
H&R Block’s quarterly net income rose to $909.9 million, or $3.29 per share, versus a year-ago profit of $644.3 million or $2.42 per share. Its earnings from continuing operations came in at $3.36 per share.
Its revenue increased 16% to $2.56 billion. However, analysts were expecting a profit of $3.23 per share on revenue of $2.49 billion.
Equities Trading UP
Synaptics (NASDAQ: SYNA) shares shot up 27.61 percent to $84.89 after the company announced its plans to acquire display-chip company Renesas SP Drivers. The company also lifted its Q4 revenue forecast.
Montage Technology Group (NASDAQ: MONT) shares were also up, gaining 8.54 percent to $21.47 after the company agreed to be acquired by Shanghai Pudong Science and Technology Investment Co for US$22.60 per share.
Whitney Tilson of Kase Capital sent out an email stating Montage tech and Shanghai Pudong Science are "conspiring to defraud the government of Shanghai" which had no impact on the share's pricing, but does raise questions about the practice of spreading unfounded rumors.
Equities Trading DOWN
Auxilium Pharmaceuticals (NASDAQ: AUXL) shares tumbled 7.46 percent to $20.16 after the company announced the release of a generic version of Testim testosterone gel.
Exelon (NYSE: EXC) was down, falling 3.04 percent to $36.03 after the company announced an offering of 50 million shares.
In commodity news, oil traded up 0.04 percent to $104.39, while gold traded up 0.02 percent to $1,260.40.
Silver traded up 0.09 percent Wednesday to $19.18, while copper fell 0.62 percent to $3.03.
European shares were lower today.
The eurozone’s STOXX 600 slipped 0.64 percent, the Spanish IBEX Index fell 0.70 percent, while Italy’s FTSE MIB Index declined 1.24 percent.
Meanwhile, the German DAX dropped 0.79 percent and the French CAC 40 fell 0.87 percent while UK shares dropped 0.59 percent.
The MBA reported that its index of mortgage application activity rose 10.3% for the week ended June 6.
Crude stockpiles dropped 2.6 million barrels for the week ended June 6, the US Energy Information Administration reported. However, analysts were expecting a drop of 1.2 million barrels.
Gasoline supplies increased 1.7 million barrels, while distillate stockpiles rose 900,000 barrels.
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