Markets Rise; Monsanto Profit Beats Street View
Following the market opening Wednesday, the Dow traded up 0.16 percent to 16,845.42 while the NASDAQ surged 0.09 percent to 4,354.12. The S&P also rose, gaining 0.14 percent to 1,952.72.
Leading and Lagging Sectors
In trading on Wednesday, basic materials shares were relative leaders, up on the day by about 0.54 percent. Meanwhile, top gainers in the sector included Monsanto Company (NYSE: MON), up 5.2 percent, and DRDGOLD (NYSE: DRD), up 3.9 percent.
Non-cyclical consumer goods & services shares fell around 0.10 percent in the US market on Wednesday. Top decliners in the sector included General Mills (NYSE: GIS), SUPERVALU (NYSE: SVU), and Synutra International (NASDAQ: SYUT).
Monsanto’s quarterly net profit fell to $858 million, or $1.62 per share, from a year-ago profit of $909 million, or $1.68 per share.
Its sales rose to $4.250 billion from $4.248 billion. However, analysts were expecting earnings of $1.54 per share on sales of $4.385 billion.
Equities Trading UP
Aerie Pharmaceuticals (NASDAQ: AERI) shares shot up 35.40 percent to $28.48 following the announcement that Roclatan phase 2b results have met all clinical endpoints.
Barnes & Noble (NYSE: BKS) shares were also up, gaining 9.44 percent to $22.50 after the company reported a narrower fourth-quarter loss and announced its plans to split its retail and Nook Media businesses.
Equities Trading DOWN
Shares of CVR Refining LP (NYSE: CVRR) were 8.95 percent to $24.71 following the announcement of 6 million common unit offering.
Team (NYSE: TISI) shares tumbled 3.21 percent to $37.70 after the company reported downbeat fiscal-fourth-quarter earnings. Team posted its quarterly earnings of $0.60 per share on revenue of $211 million. However, analysts were projecting a profit of $0.71 per share on revenue of $218.5 million.
In commodity news, oil traded up 0.08 percent to $106.12, while gold traded down 0.33 percent to $1,316.90.
Silver traded down 0.53 percent Wednesday to $20.99, while copper fell 0.22 percent to $3.14.
European shares were lower today.
The eurozone’s STOXX 600 declined 1.05 percent, the Spanish Ibex Index dropped 1.42 percent, while Italy’s FTSE MIB Index fell 0.72 percent.
Meanwhile, the German DAX declined 0.67 percent and the French CAC 40 tumbled 1.49 percent while UK shares slipped 0.85 percent.
The MBA reported that its index of mortgage application activity declined 1% in the week ended June 20.
Orders for durable goods dropped 1% in May, versus economists’ expectations for a 0.5% decline.
The US economy contracted by an annual pace of 2.9% in the first quarter, versus a prior reading of 1%. However, economists were expecting a 1.8% drop.
The Treasury is set to auction 5-year notes.
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