Mid-Day Market Update: DSW Shares Drop On Downbeat Results; PetroLogistics Spikes Higher
Midway through trading Wednesday, the Dow traded down 0.12 percent to 16,654.97 while the NASDAQ tumbled 0.10 percent to 4,232.67. The S&P rose, gaining 0.02 percent to 1,912.28.
Leading and Lagging Sectors
In trading on Wednesday, utilities shares were relative leaders, up on the day by about 0.37 percent. Meanwhile, top gainers in the sector included Pampa Energia SA (NYSE: PAM), up 2.9 percent, and Korea Electric Power (NYSE: KEP), up 1.9 percent. Basic materials sector was the top loser in the US market on Wednesday.
Toll Brothers (NYSE: TOL) reported a rise in its fiscal second-quarter profit. Toll Brothers posted its quarterly profit of $65.2 million, or $0.35 per share, versus a year-ago profit of $24.7 million, or $0.14 per share. Its revenue climbed to $860.4 million versus $516 million. However, analysts were expecting earnings of $0.26 per share on revenue of $803 million. Homebuilding deliveries climbed 67% in dollars and 36% in units.
Equities Trading UP
PetroLogistics LP (NYSE: PDH) shares shot up 10.09 percent to $14.24 after Koch Industries announced its plans to buy PetroLogistics for $2.1 billion.
Shares of Qihoo 360 Technology Co (NYSE: QIHU) got a boost, shooting up 5.47 percent to $94.90 after the company reported "strong" first quarter results. The company's second quarter guidance also exceeded analyst expectations.
Magnum Hunter Resources (NYSE: MHR) shares were also up, gaining 6.71 percent to $7.82 after the company raised $150 million in a private placement.
3D Systems (NYSE: DDD) shares tumbled 10.20 percent to $50.86 after the company announced a secondary offering of 5.95 million shares.
Daktronics (NASDAQ: DAKT) was down, falling 9.71 percent to $13.06 after the company reported Q4 earnings of $0.04 per share on revenue of $136.24 million.
In commodity news, oil traded down 0.46 percent to $103.63, while gold traded down 0.57 percent to $1,258.50.
Silver traded down 0.22 percent Wednesday to $19.03, while copper fell 0.09 percent to $3.17.
European shares were mixed today.
The eurozone's STOXX 600 fell 0.05 percent, the Spanish Ibex Index rose 0.40 percent, while Italy's FTSE MIB Index surged 0.85 percent.
Meanwhile, the German DAX fell 0.02 percent and the French CAC 40 gained 0.04 percent while UK shares rose 0.09 percent.
The MBA reported that its index of mortgage application activity fell 1.20% in the week ended May 23.
The ICSC-Goldman's same-store sales index dropped 1.2% in the week ended Saturday versus the prior week.
The Johnson Redbook Retail Sales Index rose 0.7% in the first three weeks of May versus April.
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