Post Market News
Stocks that were active in the U.S. trading on Wednesday include UnitedHealth Group Inc. (NYSE:UNH), Mattress Firm Holding Corp (NASDAQ:MFRM), Ubiquiti Networks Inc. (NASDAQ:UBNT), Avanir Pharmaceuticals Inc. (NASDAQ:AVNR) and Analogic Corp. (NASDAQ:ALOG).
- U.S.: Dow Jones: 14,999.94 (-1.17 percent), S&P 500: 1,611.52 (-1.12 percent), Nasdaq: 3,406.45 (-1.13 percent)
- World Markets: Shanghai: 2,270.93 (-0.07 percent), Nikkei 225: 13,014.87 (-3.83 percent), Hang Seng Index: 22,069.24 (-0.97 percent), TSEC: 8,181.91 (-0.11 percent), FTSE 100: 6,419.31 (-2.12 percent), EURO STOXX 50: 2,709.33 (-1.68 percent), BSE Sensex: 19,568.22 (+0.11 percent)
- Metals: Gold: $1,398.50 (+0.09 percent), Silver: $22.47 (+0.28 percent), Platinum: $1,510.60 (+1.31 percent)
- Currency: EUR/USD: 1.3086 (+0.04 percent), USD/JPY: 99.20 (-0.86 percent), GBP/USD: 1.5403 (+0.65 percent), USD/CAD: 1.0348 (+0.01 percent), USD/CNY: 6.1278 (-0.01 percent), AUD/USD: 0.9525 (-1.13 percent)
- 10 year U.S. Treasury: 2.09 percent (-0.03), 30 year U.S. Treasury: 3.25 percent (-0.04)
Market & Economy Update
The Federal Reserve said today that U.S. economic recovery remains “modest to moderate.” Stocks turned lower today due to weakness in overseas stock markets and mixed U.S. economic reports. The Dow Jones Industrial Average fell 177.60 points to 14,999.94, the S&P 500 Index skidded 22.48 points to 1,608.90, while Nasdaq plunged 43.78 points to 3,401.48.
Stocks In Focus
UnitedHealth Group Inc. (NYSE:UNH)
UnitedHealth Group Inc. (UNH) announced that its board has approved a 32 percent increase in quarterly dividend payout and a share repurchase program. Dividends have been increased from 21.25 cents to to 28 cents, and will be paid on June 21 to shareholders on record as of June 14. UnitedHealth shares initially rose, but trimmed gains to end the session 0.98 percent lower at $61.75. UnitedHealth has a market value of $62.99 billion.
Canyon Distressed Opportunity Fund likes the backdrop for credit
The Canyon Distressed Opportunity Fund III held its final closing on Jan. 1 with total commitments of $1.46 billion, calling half of its capital commitments so far. Canyon has about $26 billion in assets under management now. Q4 2020 hedge fund letters, conferences and more Positive backdrop for credit funds In their fourth-quarter letter to Read More
Mattress Firm Holding Corp (NASDAQ:MFRM)
Mattress Firm Holding Corp (NASDAQ:MFRM) first quarter profits rose 23 percent amid strong sales, though same store sales declined slightly. Mattress Firm reported a profit of 38 cents per share on $276 million in sales. Analysts were expecting 36 cents in earnings on revenues of $274 million. The company also issued full-year guidance that topped Wall Street estimates. Shares rose 5.48 percent to close the session at $39.62.
Ubiquiti Networks Inc. (NASDAQ:UBNT)
Ubiquiti Networks Inc. (NASDAQ:UBNT) said in a statement that some of its shareholders have decided to sell 6.5 million shares of the company. Shares will be priced at a 4.4 percent discount to its closing price on Tuesday. Shares lost 9.74 percent by the end of the trading session to $15.10.
Avanir Pharmaceuticals Inc. (NASDAQ:AVNR)
The California-based pharmaceutical company announced that the U.S. FDA has approved its next generation drug AVP-786 for an expedited development pathway. Now there will be only a limited pre-clinical package under the Investigational New Drug application. Avanir Pharmaceuticals Inc. (NASDAQ:AVNR) shares rose 13.06 percent to $3.81 a share.
Analogic Corp. (NASDAQ:ALOG)
Analogic Corp. (NASDAQ:ALOG) announced a 29 percent decline in its first quarter earnings. Though revenues grew slightly, they were masked by an even higher increase in operating expenses. Given the worsening market conditions, the electronic component maker lowered its full-year revenue guidance. Shares tumbled 5.22 percent to $76.12.