Mid-Morning Market Update: Markets Mostly Lower; Monsanto Posts Higher Q1 Profit

Top Headline
Monsanto Co MON reported a rise in its fiscal first-quarter profit. Monsanto's quarterly profit surged to $368 million, or $0.69 per share, versus a year-ago profit of $339 million, or $0.63 per share.

Its net sales jumped to $3.14 billion from $2.94 billion. However, analysts were projecting earnings of $0.64 per share on sales of $3.07 billion. Monsanto reaffirmed full-year 2014 earnings of $5.02 to $5.22 per share.

Apollo Education Group APOL shot up 12.42 percent to $30.28 after the company reported an upbeat Q1 profit and raised its FY14 outlook. Compass Point upgraded the stock from Sell to Neutral and lifted the price target from $20.00 to $30.00.

Equities Trading DOWN
Shares of The Container Store Group TCS were down 10.93 percent to $40.78 on Q3 results. Bank of America downgraded the stock from Buy to Neutral. J. C. Penney Company JCP tumbled 7.81 percent to $7.55 after the company reaffirmed its Q4 Outlook. The company also said that it is pleased with its holiday sales.

Ambarella AMBA was down, falling 6.63 percent to $33.25 after Needham downgraded the stock from Buy to Hold. Commodities
In commodity news, oil traded up 0.13 percent to $93.79, while gold traded down 0.65 percent to $1,221.60.

Silver traded down 2.01 percent Wednesday to $19.39, while copper rose 0.15 percent to $3.36. Eurozone
European shares were mostly lower today. The Spanish Ibex Index rose 0.28 percent, while Italy's FTSE MIB Index surged 0.27 percent. Meanwhile, the German DAX declined 0.13 percent and the French CAC 40 fell 0.26 percent while U.K. shares dropped 0.32 percent.

Economics
The MBA's index of mortgage application activity rose 2.60% in the week ended January 3, 2014.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET. Data on consumer credit for November will be released at 3:00 p.m. ET.

The Treasury is set to auction 10-year notes.