Stock Market Watch

Stocks Turn Lower By Mid-Day Trade

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Stocks swung to negative territory by mid-day trade as market participants wait for the policy rate statement from the Federal Reserve, later in the afternoon.

At last check, the Dow Jones edged down 0.27%; the NASDAQ Composite Index fell 0.17% while the S&P 500 Index lost 0.19%.

Shares of Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL) fell sharply on Wednesday. The Company reported better-than-expected earnings for the fiscal fourth quarter. Revenue also topped analysts’ expectation. However, the Company handed downbeat outlook for the fiscal first quarter.

Shares of Adobe Systems Incorporated (NASDAQ: ADBE) rallied on Wednesday. The software maker, known for its Acrobat and Photoshop software, handed weaker-than-expected earnings for the fiscal third quarter after the market close on Tuesday. The bottom felt the pressure due to fall in revenue (which was mainly due to company’s new subscription based revenue model). The outlook for the fiscal fourth quarter also fell short of estimation. However, Creative Cloud Subscriptions crossed 1 million mark in the third quarter.

Embattled smartphone maker, Blackberry Ltd. (NASDAQ: BBRY) unveiled its new phone, Z30, aimed at countering competition from rival Apple’s iPhone 5S and Samsung Galaxy S4. Shares edged up slightly.

On the U.S. economic front, housing starts rose 0.9% in August to a seasonally adjusted rate of 891,000 units, according to the Commerce Department. Economists surveyed by Reuters had expected 2.1% increase. July’s housing starts were downwardly revised to 883,000 unit-pace from 896,000.

The Federal Reserve’s two-day Open Market Committee Meeting (FOMC) will conclude at 2:00 p.m. EST. The Fed’s Chairman, Ben Bernanke will address a press conference at 2:30 p.m. EST. It is widely anticipated that the Fed will reduce its asset purchase program by $10 billion to $15 billion.

 








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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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