Toward the end of trading Wednesday, the Dow traded down 0.41 percent to 16,063.68 while the NASDAQ dropped 0.82 percent to 4,237.65. The S&P also fell, declining 0.56 percent to 1,830.87.
Leading and Lagging Sectors
In trading on Wednesday, energy shares were relative leaders, up on the day by about 0.69%. Meanwhile, top gainers in energy sector included Ocean Rig UDW ORIG, with shares up 5.6%, and Nabors Industries NBR, with shares up 10.7%. Shares of Nabors jumped after the company reported fourth-quarter results.
Telecommunications services sector was the leading decliner in the US market today. Telecommunications services stocks dropped 0.43% in today's trading. Among the stocks, Mobile Telesystems OJSC MBT was down more than 4.8%, while Telecom Argentina SA TEO tumbled around 2.5%.
Top Headline
Signet Jewelers SIG announced its plans to buy Zale ZLC for around $690 million. Signet will pay $21 per share to acquire Zale, representing a 41% premium to Zale's closing price of $14.91 on Tuesday.
Equities Trading UP
Zale ZLC shot up 40.24 percent to $20.91 after Signet Jewelers SIG announced its plans to buy Zale for around $690 million.
Shares of Garmin GRMN got a boost, shooting up 9.58 percent to $51.69 after the company reported upbeat fourth-quarter earnings.
MannKind MNKD was up as well, gaining 4.61 percent to $5.90 after the company got a relief rally following its report of a wider than expected fourth quarter loss Wednesday morning.
Equities Trading DOWN
Shares of SM Energy Company SM were down 17.40 percent to $73.99 after the company reported downbeat quarterly earnings. KeyBanc downgraded the stock from Buy to Hold.
Potbelly PBPB shares tumbled 7.81 percent to $20.65 after the company reported its fourth quarter results. Bank of America cut the price target on the stock from $33.00 to $27.00.
SM Energy SM was also moving to the downside, falling 17.43 percent to $73.96 after the company missed on the bottom line in its fourth quarter report and caught downgrades from Tudor Pickering and Keybanc.
Commodities
In commodity news, oil traded up 1.27 percent to $103.73, while gold traded down 0.44 percent to $1,316.90.
Silver traded down 0.99 percent Wednesday to $21.72, while copper fell 0.03 percent to $3.29.
Eurozone
European shares were mostly higher today.
The Spanish Ibex Index rose 0.11 percent, while Italy's FTSE MIB Index declined 0.20 percent. Meanwhile, the German DAX rose 0.01 percent and the French CAC 40 climbed 0.24 percent while U.K. shares gained 0.01 percent.
Economics
The MBA reported that its index of mortgage application activity declined 4.1% in the week ended February 14.
The ICSC/Goldman Sachs Retail Chain Store Sales Index rose 2.5% in the week ended Saturday.
Construction on new homes declined 16% to an annual rate of 880,000 in in January. However, economists were expecting a rate of 945,000 in January.
US producer prices increased 0.2% in January, versus economists' expectations for a 0.1% rise.
The Johnson Redbook Retail Sales Index fell 1.2% in the first two weeks of February.
The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
