Mid-Morning Market Update: Post Office to Stop Saturday Deliveries, Boise Cascade IPO a Success
Following the market opening Wednesday, the Dow traded down 0.21 percent to 13,949.18 while the NASDAQ fell 0.20 percent to 3,165.18. The S&P also fell, decreasing 0.15 percent to 1,508.25.
Making headlines Wednesday morning was the US Postal Service's decision to discontinue its Saturday service in August of this year. The decision will have wide ranging effects, hurting companies that rely on daily delivery such as Netflix (NASDAQ: NFLX) and creating interesting opportunities for UPS (NYSE: UPS) and FedEx (NYSE: FDX)
Equities Trading UP
Boise Cascade (NYSE: BCC) shot up 24.38 percent to $26.12 today, riding positive investor sentiment upwards following its initial public offering.
Shares of Shutterfly (NASDAQ: SFLY) were also up, gaining 18.23 percent to $39.72 after posting a very strong fourth-quarter earnings report after the close Tuesday.
Metals USA Holding (NYSE: MUSA) was up as well, rising 12.38 percent to $20.57 after it was announced that Reliance would buy the company for $766.1 million.
Equities Trading DOWN
CH Robinson Worldwide (NASDAQ: CHRW) lead the downside of the equities, falling 9.65 percent to $60.54 after missing on the bottom line but beating on the top line after the close Tuesday.
GameStop (NYSE: GME) traded down 9.51 percent to $24.26 after a report that the new X-box may block the use of used games.
Shares of Colfax (NYSE: CFX) were also down, dropping 6.17 percent to $41.80 after beating on the bottom line but missing on the top line this morning.
In commodity news, oil traded down 1.24 percent to $95.44, while gold traded up 0.17 percent to $1,676.40.
Silver traded down 0.14 percent Wednesday to $31.74.
European markets were mixed this morning as global growth fears following comments from the Chinese Minister of commerce shook trader confidence. On the downside, the Italian MIB index fell 0.92 percent, dragged down by financials, while U.K. shares showed an upside of 0.39 percent.
There were no major economic releases this morning.
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