Chip maker Micron Technology Inc. Wednesday reported a swing to third-quarter profit, on better selling prices and volumes for its DRAM and NAND flash products, reflecting an improvement in the memory market. Results topped Wall Street estimates.
Contract manufacturer Jabil Circuit Inc. (JBL), Wednesday said its profit for the third quarter declined as restructuring charges and higher manufacturing costs offset revenue growth. Nonetheless, both earnings and revenues for the quarter came in ahead of Wall Street estimates.
Moving ahead, Jabil...
Red Hat Inc., the world's largest seller of Linux software, said Wednesday after the markets closed that its first quarter profit rose 8% from last year, as revenue increased 15% amid strong consumer demand. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue.
After moving mostly higher over the course of the two previous sessions, stocks pulled back sharply during trading on Wednesday. A negative reaction to the Federal Reserve's monetary policy announcement weighed on the markets in afternoon trading. The major averages saw some volatility following the announcement from the Fed, closing firmly in the red.
U.S. crude oil settled lower Wednesday, after the Energy Information Administration's weekly oil report showed a better-than-expected increase in U.S. crude stockpiles last week. The decline in prices comes despite some upbeat economic outlook from Federal Reserve with the central bank announcing the...
Alaska Senator Lisa Murkowski, R-Ak., announced her support for same-sex marriage on Wednesday, becoming the third Republican Senator to do so.
"I am a life-long Republican because I believe in promoting freedom and limiting the reach of government," Murkowski wrote in an op-ed piece. "When government does act, I believe it should encourage family values."
The Federal Reserve has maintained the pace of its $85 billion a month bond buying plan and gave no explicit indication that tapering of monetary stimulus is imminent.
However, the Fed might be able to unwind some of its asset purchases if economic conditions warrant later this year, Chairman Ben...
Gold futures settled higher Wednesday, rebounding from a near four-week low yesterday, even as investor anxiety persisted over the the outcome of the two-day U.S. Federal Reserve's policy meet. With no major macroeconomic data available today, there were little catalysts to provide fresh direction for...
While selling pressure has remained subdued, stocks continue to see modest weakness in mid-day trading on Wednesday. The losses on the day are partly offsetting the gains posted over the course of the two previous sessions. The major averages have moved to the downside in recent trading, with the Nasdaq hitting a new low for the session.
Providing a potential boost to comprehensive immigration reform, the non-partisan Congressional Budget Office has estimated that the immigration bill currently being debated in the Senate would result in a notable reduction to the federal budget deficit.
Stocks have moved modestly lower in early trading on Wednesday, giving back some ground after closing higher in the two previous sessions. The major averages have dipped into negative territory, although selling pressure remains subdued. The major averages have edged up off their lows for the young session in the past few minutes but remain in the red.
Package delivery giant FedEx Corp. on Wednesday reported fourth-quarter earnings that beat market expectations, as improved results from its ground shipping business helped offset restructuring costs. Revenues matched Wall Street forecasts. FedEx also issued initial earnings growth guidance for the full-year 2013.
With traders looking ahead to the Federal Reserve's highly anticipated monetary policy announcement, stocks may show a lack of direction in early trading on Wednesday. The major index futures are currently pointing to a roughly flat open for the markets.
Outgoing Bank of England Governor Mervyn King was outvoted in his final policy meeting, as most policymakers overturned his call for additional stimulus citing sustained economic recovery, the minutes of the session held on June 5 and 6 showed Wednesday. As seen in the past few months, King, Paul Fisher and David Miles sought an increase in quantitative easing by GBP 25 billion.
Sentiment on Wall Street remains wary on Wednesday, although trading in the major index futures point to a higher open. The catalyst that could define the day's market direction is the Federal Open Market Committee announcement and the ensuing press conference by Chairman Ben Bernanke. Indications from...