Mid-Afternoon Market Update: WageWorks on the Rise as Silver Spring Networks Drops

Toward the end of through trading Wednesday, the Dow traded down 0.70 percent to 15,342.75 while the NASDAQ declined 0.36 percent to 3,671.46. The S&P also fell, dropping 0.46 percent to 1,686.69.

Deere & Co

reported a

profit. Deere's quarterly profit surged to $997 million, or $2.56 per share, from $788 million, or $1.98 per share, in the year-ago period. Its revenue surged to $10.0 billion from $9.6 billion. However, analysts were estimating earnings of $2.17 per share on revenue of $9.18 billion. Deere also lifted its full-year profit forecast to $3.45 billion.

MannKind

shot up 12.54 percent to $7.71 after the company

for AFREZZA. Shares of WageWorks

were up as well, gaining 10.76 percent to $44.87 after pricing its 2.97 million share public offering at $40.45 on Tuesday. Brocade Communications Systems

was also up, gaining 15.22 percent to $7.95 after the company reported

fiscal third-quarter results.

Shares of Millennial Media

were down 18.47 percent to $6.93. Millennial Media announced its plans to acquire Jumptap for around $225 million in stock. Analysts at Northland Capital and Canaccord Genuity also downgraded the stock. Cree

shares tumbled 22.21 percent to $58.95 after the company issued a

for its fiscal first quarter. Silver Spring Networks

were also down, plummeting 28.97 percent to $22.51 after the company lost out on a major contract in the UK this morning.

In commodity news,

to $106.87, while gold traded up 1.04 percent to $1,334.90. Silver traded up 1.83 percent Wednesday to $21.86, while copper rose 0.74 percent to $3.34.

European shares were mostly higher following

The Spanish Ibex Index surged 0.18 percent and the Italian FTSE MIB Index rose 0.37 percent. Meanwhile, the German DAX gained 0.13 percent and the French CAC 40 rose 0.51 percent while U.K. shares fell 0.17 percent.

The Mortgage Bankers Association index of purchase activity declined 4.7% in the week ended August 9 versus the earlier week. US wholesale prices came in unchanged in July, while the core PPI rose 0.1%. However, economists were projecting the overall PPI to increase 0.3%, and the PPI to rise 0.2%. Crude oil supplies dropped 2.8 million barrels for the week ended August 9, the US Energy Information Administration reported. However, analysts were expecting a 1.5 million-barrel fall. Fed's James Bullard is expected to speak today.