Twitter Jumps On Upbeat Results; DreamWorks Shares Slide
Midway through trading Wednesday, the Dow traded down 0.50 percent to 16,827.09 while the NASDAQ surged 0.14 percent to 4,448.84. The S&P also fell, dropping 0.28 percent to 1,964.42.
Leading and Lagging Sectors
Wednesday morning, the healthcare sector proved to be a source of strength for the market. Leading the sector was strength from ZELTIQ Aesthetics (NASDAQ: ZLTQ) and Aegerion Pharmaceuticals (NASDAQ: AEGR).
Utilities sector was the top decliner in the US market on Wednesday. Top losers in the sector included Huaneng Power International (NYSE: HNP), Companhia de Saneamento Basico do Estado de Sao Paulo (NYSE: SBS), and Empresa Nacional de Electricidad S.A. (NYSE: EOC).
The company posted a quarterly profit of $23 million, or $0.01 per share, versus a year-ago loss of $1.6 billion, or $0.53 per share.
Its sales declined to $8.79 billion from $8.88 billion. Analysts were expecting a loss of $0.02 per share on revenue of $8.75 billion.
Equities Trading UP
ZELTIQ Aesthetics (NASDAQ: ZLTQ) shares shot up 33.39 percent to $22.13 after the company reported upbeat quarterly results and issued a strong FY14 revenue forecast.
Shares of Twitter (NYSE: TWTR) got a boost, shooting up 21.92 percent to $47.05 after the company reported stronger-than-expected second-quarter results and issued an upbeat revenue forecast for the third quarter. Analysts at Bank of America upgraded Twitter from Neutral to Buy.
Inphi (NASDAQ: IPHI) shares were also up, gaining 33.19 percent to $17.04 after the company announced its plans to acquire Cortina Systems.
Equities Trading DOWN
Shares of Merit Medical Systems (NASDAQ: MMSI) were down 15.40 percent to $12.47 after the company reported downbeat quarterly results and issued a weak FY14 forecast.
Buffalo Wild Wings (NASDAQ: BWLD) was down, falling 14.45 percent to $142.99 despite the company beating Q2 expectations and raising its 2014 outlook. Wunderlich Securities analyst Robert M. Derrington lowered the price target on the stock from $180.00 to $170.00.
In commodity news, oil traded up 0.14 percent to $101.11, while gold traded down 0.36 percent to $1,295.80.
Silver traded down 0.01 percent Wednesday to $20.58, while copper rose 0.78 percent to $3.24.
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.55 percent, the Spanish Ibex Index gained 0.32 percent, while Italy’s FTSE MIB Index declined 0.93 percent. Meanwhile, the German DAX declined 0.69 percent and the French CAC 40 dropped 1.33 percent while UK shares fell 0.62 percent.
The MBA reported that its index of mortgage application activity declined 2.2% in the week ended July 25.
US economy's growth rate surged by 4.0% during the second quarter, versus economists’ expectations for a 3% growth rate.
ADP reported that private sector added 218,000 in July, versus the economists’ expectations for a gain of 232,000.
The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.
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