Mid-Afternoon Market Update: Markets Recovering Towards the End of the Session as Dendreon Shares Inexplicably Fall
Toward the end of trading Wednesday, the Dow traded down 0.20 percent to 16,382.22 while the NASDAQ surged 0.44 percent to 4,244.81. The S&P also rose, gaining 0.10 percent to 1,845.75.
Coach (NYSE: COH) reported downbeat fiscal second-quarter profit.
Coach's quarterly net income fell to $297.4 million, or $1.06 per share, versus a year-ago profit of $352.8 million, or $1.23 per share.
Its revenue declined 5.6% to $1.42 billion. However, analysts were expecting a profit of $1.11 per share on revenue of $1.48 billion.
Equities Trading UP
Brinker International (NYSE: EAT) shot up 6.08 percent to $49.54 as the company reported upbeat FQ2 earnings.
Shares of Cree (NASDAQ: CREE) were up as well, gaining 7.45 percent to $67.55 after beating street expectations in its second quarter report following the close Tuesday.
Nuance Communications (NASDAQ: NUAN) was also up, gaining 8.56 percent to $16.17 after the company lifted its first-quarter forecast.
Equities Trading DOWN
Shares of Dendreon (NASDAQ: DNDN) fell 6.52 percent to $3.01 despite little news on the issue Wednesday.
Advanced Micro Devices (NYSE: AMD) shares tumbled 11.75 percent to $3.68. AMD projects Q1 revenue to drop 13% to 19% versus the fourth quarter.
In commodity news, oil traded up 1.86 percent to $96.74, while gold traded down 0.23 percent to $1,238.90.
Silver traded down 0.01 percent Wednesday to $19.88, while copper fell 0.67 percent to $3.33.
European shares were mostly lower today. The Spanish Ibex Index dropped 0.75 percent, while Italy's FTSE MIB Index slipped 0.19 percent. Meanwhile, the German DAX fell 0.09 percent and the French CAC 40 jumped 0.03 percent while U.K. shares declined 0.06 percent.
The MBA reported that its index of mortgage application activity rose 4.70% in the week ended January 17.
The ICSC/Goldman Sachs Retail Chain Store Sales Index declined 1.9% in the week ended Saturday versus the earlier week.
The Johnson Redbook Retail Sales Index fell 0.2% in the first two weeks of January from December.
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