Toward the end of trading Wednesday, the Dow traded down 0.17 percent to 18,007.24 while the NASDAQ declined 0.59 percent to
5,123.34. The S&P also fell, dropping 0.38 percent to 2,103.66.
Leading and Lagging Sectors
Wednesday afternoon, non-cyclical consumer goods & services shares gained by 0.26 percent. Meanwhile, top gainers in the sector
included MGP Ingredients Inc (NASDAQ: MGPI), and
Bunge Ltd (NYSE: BG).
In trading on Wednesday, energy shares fell by 1.72 percent. Meanwhile, top losers in the sector included FleetCor
Technologies, Inc. (NYSE: FLT), down 13 percent, and
Resolute Energy Corp (NYSE: REN), down 9 percent.
Top Headline
Broadcom Limited (NASDAQ: AVGO) and Brocade
Communications Systems Inc. (NASDAQ: BRCD) disclosed a
definitive deal through which the former would acquire the latter for $12.75 a share in cash. This would translate into a valuation
of about $5.9 billion, including $0.4 billion of net debt.
The transaction would be immediately accretive to Broadcom's adjusted earnings.
Equities Trading UP
Novocure Ltd (NASDAQ: NVCR) shares shot up 22
percent to $7.27 after the company posted a narrower-than-expected Q3 loss.
Shares of TriNet Group Inc (NYSE: TNET) got a boost,
shooting up 15 percent to $20.43. TriNet reported Q3 earnings of $0.29 per share on revenue of $770.5 million.
Skyline Medical Inc (NASDAQ: SKLN) shares were
also up, gaining 30 percent to $3.40 after the company disclosed that it has expanded its relationship with GLG Pharma to include
rights to market and distribute the STREAMWAY System in Poland and other Central European countries.
Equities Trading DOWN
Adeptus Health Inc (NASDAQ: ADPT) shares dropped
66 percent to $9.09 after the company posted downbeat quarterly results and lowered its FY16 EBITDA outlook.
Shares of Tandem Diabetes Care Inc (NASDAQ: TNDM)
were down 58 percent to $2.25 after the company posted downbeat quarterly results.
Cempra Inc (NASDAQ: CEMP) was down, falling around
59 percent to $7.69 after the FDA raised liver safety issues in its review of the company's experimental drug to treat community
acquired pneumonia. Baird downgraded Cempra from Outperform to Underperform.
Commodities
In commodity news, oil traded down 3.11 percent to $45.22 while gold traded up 1.37 percent to $1,305.60.
Silver traded up 1.15 percent Wednesday to $18.63, while copper fell 0.31 percent to $2.22.
Eurozone
European shares closed lower today. The eurozone’s STOXX 600 slipped 1.13 percent, the Spanish Ibex Index fell 1.85 percent,
while Italy’s FTSE MIB Index declined 2.51 percent. Meanwhile the German DAX slipped 1.47 percent, and the French CAC 40 dropped
1.24 percent while U.K. shares fell 1.04 percent.
Economics
The MBA’s index of mortgage application activity declined 1.2 percent for the week ending October 28, 2016.
Private-sector employers added 147,000 in October, ADP Inc. reported. However, economists were expecting a gain of 165,000
jobs.
Crude supplies increased 14.4 million barrels for the week ended October 28, the U.S. Energy Information Administration
reported. Analysts were expecting a gain of 1.9 million barrels. Gasoline supplies declined 2.2 million barrels, while distillate
stockpiles dropped 1.8 million barrels.
The Federal Open Market Committee announced its policy decision. The Fed kept interest rates unchanged.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.