Market Overview

Mid-Morning Market Update: Markets Move Lower, Bank of America Posts Downbeat Q1 Profit

Mid-Morning Market Update: Markets Move Lower, Bank of America Posts Downbeat Q1 Profit
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Following the market opening Wednesday, the Dow traded down 0.62 percent to 14,665.16 while the NASDAQ dropped 0.92 percent to 3,234.63. The S&P also fell, declining 0.80 percent to 1,561.93.

Index Technicals:
The S&P 500 looks to be bouncing off its daily uptrend line support, with 1,580 acting as resistance above.

Next up, the Dow looks to be bouncing off its daily uptrend line support as well, with 14,800 acting as support above that.

The Russell is stalling at iuts daily 50 EMA resistance of 923.36, with 935 resistance above.

Finally, the NASDAQ looks to be regaining its daily 20 EMA support at 3,247.32 with 3,270 acting as resistance above that.

Top Headline
Bank of America (NYSE: BAC) reported downbeat first-quarter profit.

The bank's quarterly profit climbed to $2.6 billion, or $0.20 per share, versus $653 million, or $0.03 per share, in the year-ago quarter.

Its total revenue came in at $23.7 billion, versus $22.5 billion. However, analysts were expecting earnings of $0.22 per share on revenue of $23.26 billion.

Equities Trading UP
Atlas Energy LP (NYSE: ATLS) shot up 11.63 percent to $50.20 after the company announced its plans to buy Teak Midstream for $1 billion in cash.

Shares of Alkermes plc (NASDAQ: ALKS) got a boost, shooting up 8.12 percent to $27.68 after the company reported positive results from phase 2 clinical study of ALKS 5461 for major depressive disorder.

ABIOMED (NASDAQ: ABMD) was also up, gaining 7.72 percent to $17.59 after the company reported upbeat preliminary Q4 revenue.

Equities Trading DOWN
InnerWorkings (NASDAQ: INWK) was down, falling 22.95 percent to $10.81 after the company lowered its full-year forecast.

Shares of Textron (NYSE: TXT) were down 11 percent to $26.12 after the company lowered its 2013 estimates.

Cirrus Logic (NASDAQ: CRUS) shares tumbled 9.79 percent to $19.32 after the company issued weak Q1 forecast.

In commodity news, oil traded down 0.73 percent to $88.07, while gold traded down 0.42 percent to $1,381.60.

Silver traded down 1.32 percent Wednesday to $23.32, while copper fell 3.14 percent to $3.22.

European shares were lower on growth fears following the IMF's growth outlook cut yesterday as well as demand fears across the continent. The U.K. Claimant Count for March fell 7,000 on expectations of a flat reading month-over-month, raising more fears that the U.K. economy will fail to escape a third recession since 2008. The unemployment rate unexpectedly rose to 7.9 percent from 7.8 percent as well when it was expected to remain flat.

The Spanish Ibex Index fell 1.12% while the Italian FTSE MIB Index declined 0.39 percent. Meanwhile, the German DAX dropped 1.65 percent and the French CAC tumbled 1.34 percent and U.K. shares declined 0.61 percent.

The number of mortgage applications filed in the US climbed 5% last week. The refinance index rose 5% for the week ended April 12 versus the earlier week.

The Federal Reserve will release its Beige Book at 2:00 p.m. ET.

Fed members Stein, Bullard and Rosengren are expected to speak.

Posted-In: Earnings News Guidance Commodities Global Econ #s Economics Hot


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