Post Market News
Stocks that were active in the trading session on Wednesday include Apple Inc. (NASDAQ:AAPL), J.C. Penney Company, Inc. (NYSE:JCP), Bank of America Corp (NYSE:BAC), Textron Inc. (NYSE:TXT) and Fairway Group Holdings Corp (NASDAQ:FWM).
Odey Asset Management's Special Situations Fund was down 3.2% in March, compared to its benchmark, the MSCI World USD Index, which was up 3.3%. Through the end of March, the fund is up 8.7%, beating the benchmark's return of 4.9%. Q1 2021 hedge fund letters, conferences and more Odey's Special Situations Fund deploys arbitrage and Read More
- U.S.: Dow Jones: 14,635.12 (-0.82%), S&P 500: 1,551.95 (-1.44%), Nasdaq: 3,204.67 (-1.84%)
- World Markets: Shanghai: 2,193.80 (-0.05%), Nikkei 225: 13,382.89 (+1.22%), Hang Seng Index: 21,569.67 (-0.47%), TSEC: 7,809.07 (+0.10%), FTSE 100: 6,244.21 (-0.96%), EURO STOXX 50: 2,553.49 (-2.14%), BSE Sensex: 18,731.16 (-0.07%)
- Metals: Gold: 1,373.70 (+0.32%), Silver: 23.29 (-0.05%), Platinum: 1,423 (-1.52%)
- Currency: EUR/USD: 1.3013 (-1.35%), USD/JPY: 97.85 (+0.43%), GBP/USD: 1.5237 (-0.87%), USD/CAD: 1.0271 (+0.57%), USD/CNY: 6.1723 (-0.17%), AUD/USD: 1.0292 (0.86%)
- 10 year U.S. Treasury: 1.70% (-0.01)
Market And Economy News Updates
The U.S. markets ended the session lower as all the three major indexes were down. The Dow Jones Industrial Average declined 121.66 points to 14,635.12, the S&P 500 shed 22.56 points to 1,552.01 and Nasdaq was down 59.96 points to 3,204.67. The Federal Reserve said that the U.S. economy is recovering in some areas. The Fed notes that economy shows signs of moderate growth in auto, housing and manufacturing sectors that offset the weakness in defense industries.
After collapsing about 16 percent in the past four sessions, gold recovered 0.32 percent to 1,373.70.
Stocks In Focus
Apple Inc. (NASDAQ:AAPL)
The iPhone maker shares skid 5.50 percent in today’s session to close at $402.80 on speculation that the company’s revenues would be weaker than expected on slow iPhone sales. Cirrus Logic, Inc. (NASDAQ:CRUS), a supplier of audio chips to Apple, said that orders have slowed down. Cirrus’ comments suggest that Apple is set for a big decline in sales. The iPhone maker lost the crown of the most valuable company by market cap to Exxon Mobil Corporation (NYSE:XOM).
J.C. Penney Company, Inc. (NYSE:JCP)
The company has hired The Blackstone Group L.P. (NYSE:BX) to explore different options to strengthen its balance sheet. In the meantime, many of the top company executives continue to leave the struggling retailer. Today, the executive vice president of design and sourcing left. Shares closed the session 2.76 percent lower at $14.77.
Bank of America Corp (NYSE:BAC)
Though the bank’s first quarter profits and revenues increased, its earnings of 20 cents missed Wall Street expectations by two cents. However, revenue came at $23.7 billion, well above the consensus of $23.5 billion. Bank of America continues to struggle in part due to the macro environment. Shares closed the session 4.72 percent lower at $11.70.
Textron Inc. (NYSE:TXT)
The aircraft, defense and industrial products company’s first quarter earnings missed analysts expectations. Textron said sales of its Bell helicopters declined during the quarter, and the company warned of weak sales for jets in the coming quarters. Shares plunged 13.42 percent to close the session at $25.41.
Fairway Group Holdings Corp (NASDAQ:FWM)
The company priced its initial public offering at $13 per Class A share of its common stock. Shares surged 33.46 percent to $17.35. The company offered 13,650,000 shares in the IPO.