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Post Market Update
Stocks that were active in U.S. trading on Wednesday include MasterCard Inc (NYSE:MA), Riverbed Technology, Inc. (NASDAQ:RVBD), Air Products & Chemicals, Inc. (NYSE:APD), Sodastream International Ltd. (NASDAQ:SODA) and Comcast Corporation (NASDAQ:CMCSA) (NASDAQ:CMCSK).
- U.S.: Dow Jones: 15,524.12 (+0.02%), S&P 500: 1,688.63 (+0.16%), Nasdaq: 3,633.92 (+0.48%)
- World Markets: Shanghai: 1,993.80 (+0.19%), Nikkei 225: 13,668.32 (-1.45%), Hang Seng Index: 21,883.66 (-0.32%), TSEC: 8,107.94 (-0.68%), FTSE 100: 6,621.06 (+0.76%), EURO STOXX 50: 2,768.15 (+0.32%), BSE Sensex: 19,345.70 (-0.01%)
- Metals: Gold: $1,312.40 (-0.88%), Silver: $19.85 (+1.13%), Platinum: $1,429.30 (-0.57%)
- Currency: EUR/USD: 1.3338 (+0.56%), USD/JPY: 97.74 (-0.23%), GBP/USD: 1.5252 (+0.05%), USD/CAD: 1.0247 (-0.60%), USD/CNY: 0.9009 (-0.05%), AUD/USD: 0.9009 (-0.58%)
- 10 year U.S. Treasury: 2.49% (-0.03), 30 year U.S. Treasury: 3.58% (-0.03)
Market & Economy Update
Data showed today that U.S. economy expanded at 1.7% during the second quarter, faster than expected. The Federal Reserve said Wednesday that the economy is growing only modestly, so it will maintain its $85 billion a month asset purchase program. The dollar skidded against its major peers after the Fed’s comments. The Dow Jones Industrial Average rose 3.53 points to 15,524.12, the S&P 500 Index skidded 0.73 points to 1,685.23, while Nasdaq jumped 9.13 points to 3,626.44.
Stocks In Focus
MasterCard Inc (MA)
MasterCard Inc. (NYSE:MA) reported better than expected second quarter earnings. The payment processing company’s Q2 profits jumped 19% to $848 million or $6.96 per share. Revenues surged 15% to $2.1 billion due to an increase in global purchase volume and the number of transaction. Analysts were expecting MasterCard to report EPS of $6.30 and revenues of $2 billion. Shares soared 1.97% to $613.25.
Riverbed Technology, Inc. (RVBD)
The IT solutions company swung to a Q2 loss amid rising expenses. Though revenues increased due to the acquisition of OPNET Technologies, Inc. (NASDAQ:OPNT). Earnings fell short of Wall Street expectations. Riverbed Technology, Inc. (NASDAQ:RVBD) shares tanked 10.81% to $15.64 at the end of the trading session.
Air Products & Chemicals, Inc. (APD)
The Air Products & Chemicals, Inc. (NYSE:APD) shares jumped after billionaire hedge fund manager Bill Ackman disclosed a 9.8% stake in the industrial gas company. It makes Pershing Square Capital Management the largest shareholder of the company with investment of $2.2 billion. Sources told The Wall Street Journal that Ackman would press the company for operational improvements rather than a break up. Shares of Air Products & Chemicals surged 2.87% to end the trading session at $108.64.
Sodastream International Ltd (SODA)
Sodastream International Ltd. (NASDAQ:SODA)’s second quarter earnings beat the consensus estimates by a wide margin. The stock was sold heavily earlier this month due to fierce competition and growth concerns. However, the company raised full year growth expectations after solid second quarter. Shares rose 11.59% to close the session at $65.08.
Comcast Corporation (CMCSA) (CMCSK)
The cable communications giant posted better than expected second quarter earnings. Comcast Corporation (NASDAQ:CMCSA) (NASDAQ:CMCSK) earned 65 cents a share due to an increase in the business of NBC Universal and increased cable prices. Analysts were expecting the company to earn 63 cents a share. Revenues were also better than expected. Shares jumped 5.55% to end the trading session at $45.08.