Mid-Day Market Update: Auspex Pharmaceuticals Jumps Following Positive SD-809 Trial Results; Cliffs Natural Resources Shares Slip

Midway through trading Wednesday, the Dow traded up 0.49 percent to 17,152.33 while the NASDAQ climbed 0.46 percent to 4,568.74. The S&P also rose, gaining 0.66 percent to 1,985.81.

Leading and Lagging Sectors
In trading on Wednesday, energy shares were relative leaders, up on the day by about 4.40 percent. Meanwhile, top gainers in the sector included Warren Resources WRES, up 26.2 percent, and Swift Energy Co SFY, up 26.1 percent.
Industrials sector was the top loser in the US market on Wednesday. Meanwhile, top decliners in the sector included B/E Aerospace BEAV, down 25.4 percent, and FedEx FDX, off 4.7 percent.

Top Headline
FedEx FDX reported weaker-than-expected fiscal second-quarter results.
The Memphis, Tennessee-based company posted quarterly net income of $616 million, or $2.14 per share, compared to $500 million, or $1.57 per share, in the year-ago period. Share repurchases benefited latest quarter earnings by $0.16 per share.
Its revenue rose 5% to $11.9 billion. However, analysts were expecting earnings of $2.22 per share on revenue of $11.98 billion.
Equities Trading UP
Auspex Pharmaceuticals ASPX shares shot up 96.17 percent to $49.22 following positive SD-809 trial results.
Shares of Volcano VOLC got a boost, shooting up 55.18 percent to $17.83 after Philips PHG agreed to acquire Volcano for $18.00 per share.

Digital River DRIV shares were also up, gaining 42.59 percent to $24.04 on extension of Microsoft agreement to March 31st, 2017.

Equities Trading DOWN

Cliffs Natural Resources CLF shares tumbled 5.96 percent to $6.40 after Credit Suisse reduced the price target on the stock from $10 to $1.
Shares of Ruby Tuesday RT were down 14.53 percent to $6.94 after the company reported a 1% y/y drop in its same-store sales in the second quarter. Ruby Tuesday in October had expected same-store growth of between 1% and 2% for the period ended December 2.
POZEN POZN was down, falling 10.63 percent to $8.07 following the announcement of a complete response letter from the FDA.

Commodities
In commodity news, oil traded up 1.29 percent to $56.65, while gold traded down 0.08 percent to $1,193.40.
Silver traded up 0.59 percent Wednesday to $15.85, while copper rose 0.56 percent to $2.87.

Euro zone
European shares were mixed today. The eurozone’s STOXX 600 climbed 0.14 percent, the Spanish Ibex Index slipped 0.32 percent, while Italy’s FTSE MIB Index declined 0.54 percent. Meanwhile, the German DAX dropped 0.20 percent and the French CAC 40 rose 0.46 percent while UK shares gained 0.43 percent.

Economics

The consumer price index dropped 0.3% in November, versus economists’ expectations for a 0.1% decline. US core CPI gained 0.10% last month, versus economists’ expectations for a 0.10% rise.
The U.S. current account deficit widened to $100.3 billion in the third quarter, versus a revised $98.4 billion in the previous period. However, economists were expecting a deficit of $97.90 billion.
The Federal Open Market Committee is scheduled to announce its policy decision at 2:00 p.m. ET, while the Fed Chairwoman Janet Yellen will hold a press conference at 2:30 p.m. ET.