Markets Edge Higher; Alcoa Profit Beats Street View
Following the market opening Wednesday, the Dow traded up 0.08 percent to 16,920.07 while the NASDAQ surged 0.07 percent to 4,394.72. The S&P also rose, gaining 0.13 percent to 1,966.26.
Leading and Lagging Sectors
Wednesday morning, the telecommunications services sector proved to be a source of strength for the market. Leading the sector was strength from Internet Gold Golden Lines (NASDAQ: IGLD) and NQ Mobile (NYSE: NQ).
Healthcare shares fell around 0.16 percent in trading on Wednesday. Top losers in the sector included Acorda Therapeutics (NASDAQ: ACOR), down 5.1 percent, and Isis Pharmaceuticals (NASDAQ: ISIS), off 3.9 percent.
On Tuesday, Alcoa (NYSE: AA) reported stronger-than-expected fiscal second-quarter results.
Alcoa posted its quarterly earnings of $138 million, or $0.12 per share, versus a year-ago loss of $119 million, or $0.11 per share. Excluding certain items, it earned $0.18 per share.
Its revenue came in at $5.84 billion. However, analysts were projecting earnings of $0.12 per share on revenue of $5.63 billion.
Equities Trading UP
AeroVironment (NASDAQ: AVAV) shares shot up 11.89 percent to $34.64 after the company reported upbeat fiscal fourth-quarter results. AeroVironment reported its quarterly earnings of $0.35 per share on revenue of $73.5 million.
Shares of Alcoa (NYSE: AA) got a boost, shooting up 2.83 percent to $15.27 after the company reported stronger-than-expected fiscal second-quarter results. Alcoa posted its adjusted earnings of $0.18 per share on revenue of $5.85 billion. However, analysts were projecting earnings of $0.12 per share on revenue of $5.63 billion.
Lexicon Pharmaceuticals (NASDAQ: LXRX) shares were also up, gaining 7.01 percent to $1.68. Lexicon and JDRF have collaborated for Phase 2 clinical trial of LX4211 in Type 1 Diabetes.
Equities Trading DOWN
Shares of The Container Store Group (NYSE: TCS) were down 11.75 percent to $23.89 after the company reported a wider-than-expected fiscal first-quarter loss and issued a downbeat forecast for full year 2014.
MSC Industrial Direct Co (NYSE: MSM) was down, falling 4.23 percent to $89.43 after the company reported Q3 earnings of $1.06 per share on revenue of $720.50 million. The company also issued a weak Q4 earnings outlook.
In commodity news, oil traded down 0.27 percent to $103.12, while gold traded down 0.84 percent to $1,327.50.
Silver traded up 0.96 percent Wednesday to $21.22, while copper rose 0.43 percent to $3.27.
European shares were mixed today.
The eurozone’s STOXX 600 fell 0.15 percent, the Spanish Ibex Index gained 0.18 percent, while Italy’s FTSE MIB Index surged 0.77 percent.
Meanwhile, the German DAX gained 0.15 percent and the French CAC 40 rose 0.03 percent while UK shares tumbled 0.35 percent.
The MBA reported that its index of mortgage application activity gained 1.9% in the week ended July 4.
The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
The Treasury is set to auction 10-year notes.
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