Market Overview

Mid-Afternoon Market Update: Markets Fall Following FOMC Statement; Adobe Remains on the Rise

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Mid-Afternoon Market Update: Markets Fall Following FOMC Statement; Adobe Remains on the Rise

Toward the end of trading Wednesday, the Dow traded down 0.75 percent to 15,202.86 while the NASDAQ declined 0.57 percent to 3,462.11. The S&P also fell, dropping 0.72 percent to 1,639.51.

Top Headline
FedEx (NYSE: FDX) reported a drop in its fourth-quarter profit.

FedEx's quarterly profit declined to $303 million, or $0.95 per share, versus $550 million, or $1.73 per share, in the year-ago period. Its adjusted earnings came in at $2.13 per share.

Its revenue surged to $11.4 billion from $11 billion. However, analysts were projecting earnings of $1.96 per share on revenue of $11.45 billion.

Equities Trading UP
Keryx Biopharmaceuticals (NASDAQ: KERX) shot up 5.74 percent to $8.10 after analysts at JP Morgan initiated coverage on the stock with an “overweight” rating.

Shares of Adobe (NASDAQ: ADBE) traded up 6.37 percent to $46.12 after the company reported a beat on the bottom line after the close on Tuesday.

Intercept Pharmaceuticals (NASDAQ: ICPT) was also up, gaining 13.66 percent to $37.52 after the company pricing an underwritten public offering of 1,730,000 shares of its common stock at a price of $33.01 per share.

Equities Trading DOWN
Research in Motion (NASDAQ: BBRY) fell 4.53 percent on Wednesdays session to $14.17 after Bernstein issued a downgrade on the company earlier in the session.

Shares of Tetra Tech (NASDAQ: TTEK) were down 13.31 percent to $23.17 after the company projected to post a loss in the third quarter.

Pool (NASDAQ: POOL) shares tumbled 5.87 percent to $51.51 after the company lowered its full-year forecast.

Commodities
In commodity news, oil traded down 0.17 percent to $98.27, while gold traded down 0.53 percent to $1,359.40.

Silver traded down 0.83 percent Wednesday to $21.50, while copper fell 0.62 percent to $3.14.

Eurozone
European shares were lower today. The Spanish Ibex Index fell 1.14 percent and the Italian FTSE MIB Index declined 0.85 percent. Meanwhile, the German DAX fell 0.44 percent and the French CAC 40 declined 0.55 percent while U.K. shares dropped 0.44 percent.

Economics
The Mortgage Bankers Association reported that its index of mortgage application activity dropped 3.3 percent for the week ended June 14, 2013.

US crude-oil supplies surged by 300,000 barrels to 394.1 million barrels for the week ended June 14, the Energy Information Administration reported. However, economists were expecting a 1 million-barrel fall in supplies.

The FOMC will announce its policy decision at 2:00 p.m. ET. Federal Reserve Chairman Ben Bernanke will hold a news conference at 2:15 p.m. ET.

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

 

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