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Mid-Morning Market Update: Markets Move Higher, ConAgra Swings To Profit

Mid-Morning Market Update: Markets Move Higher, ConAgra Swings To Profit

Following the market opening Thursday, the Dow traded up 0.82 percent to 15,032.26 while the NASDAQ gained 0.70 percent to 3,399.80. The S&P rose, surging 0.70 percent to 1,614.42.

Top Headline
ConAgra Foods (NYSE: CAG) posted a profit in the fiscal fourth quarter.

ConAgra posted a quarterly profit of $192.2 million, or $0.45 per share, versus a year-earlier loss of $86.2 million, or $0.21 per share.

Its net sales surged 34% to $4.59 billion. ConAgra projects FY14 adjusted earnings of $2.40 per share.

Equities Trading UP
Progress Software (NASDAQ: PRGS) shot up 5.94 percent to $23.36 after the company reported upbeat fiscal second-quarter results and announced its plans to repurchase an additional $100 million of its common stock by December 31, 2013.

Shares of ConAgra Foods (NYSE: CAG) got a boost, shooting up 2.55 percent to $34.20 after the company posted a profit in the fiscal fourth quarter.

KB Home (NYSE: KBH) was also up, gaining 4.22 percent to $20.73 after the company reported a narrower loss in the second quarter.

Equities Trading DOWN
Shares of Paychex (NASDAQ: PAYX) were down 3.69 percent to $36.59 a after the company reported weak fourth-quarter profit.

Clearwire (NASDAQ: CLWR) was down, falling 1.96 percent to $4.99 after Dish Network (NASDAQ: DISH) withdrew its offer to acquire the company.

Herman Miller (NASDAQ: MLHR) shares tumbled 5.26 percent to $25.78 after the company issued downbeat Q1 view.

In commodity news, oil traded up 0.65 percent to $96.11, while gold traded up 0.22 percent to $1,232.50.

Silver traded up 0.63 percent Thursday to $18.73, while copper rose 0.15 percent to $3.05.

European shares were mostly higher today. The Eurozone Economic Confidence Index for June rose to 91.3 from 89.4 in May, beating the consensus forecast of 90.3. Industrial and consumer sentiment improved in the month while the services sentiment dropped. The U.K. economy grew 0.3 percent in the first quarter, in line with forecasts, but only 0.3 percent from the first quarter a year ago, below the forecast of 0.6 percent growth.

The Spanish Ibex Index fell 0.05 percent and the Italian FTSE MIB Index surged 0.63 percent. Meanwhile, the German DAX rose 0.51 percent and the French CAC 40 jumped 0.609 percent while U.K. shares rose 1.01 percent.

US jobless claims fell 9,000 to 346,000 in the week ended June 22. However, economists were estimating initial jobless claims to fall to 345,000.

US consumer spending increased 0.3% in May, versus a 0.3% drop in April. Personal income rose 0.5%. However, economists were expecting a 0.3% rise in spending and a 0.2% increase in personal income.

The Bloomberg Consumer Comfort Index rose to -28.30 for the week ended Jun 23, versus a prior reading of -29.40.

The pending home sales index rose 6.7% to 112.3 in May. However, economists were expecting a 1% rise.

Fed members Dudley, Powell, and Lockhart are set to speak.

The Treasury will auction 7-year notes.


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