Toward the end of trading Wednesday, the Dow traded down 0.84 percent to 15,838.09 while the NASDAQ declined 1.48 percent to 4,000.85. The S&P also fell, dropping 1.19percent to 1,781.43.
Joy Global (NYSE: JOY [FREE Stock Trend Analysis]) reported an 87% drop in fiscal fourth-quarter earnings. Joy Global projects full-year earnings of $3 to $3.50 per share on revenue of $3.6 billion to $3.8 billion.
However, analysts were projecting earnings of $3.68 per share on revenue of $3.8 billion. Joy Global’s quarterly profit fell to $26.8 million, or $0.25 per share, from a year-ago profit of $212.6 million, or $1.99 per share.
Excluding special items, it earned $1.11 per share. Its sales declined 35% to $1.18 billion. However, analysts were expecting earnings of $1.12 per share on sales of $1.12 billion.
Equities Trading UP
Select Medical Holdings (NYSE: SEM) was up on Wednesday’s session, gaining 16.82 percent to $10.35 after an RBC Capital note mentioned that the company would benefit from a “doc fix” in Medicare passed earlier in the day.
Shares of Scripps Networks Interactive (NYSE: SNI) got a boost, shooting up 7.16 percent to $80.66 on a report from Variety that Discovery Communications, was considering a bid for the parent company of the Food Network, Travel Channel and HGTV.
Smith & Wesson Holding (NASDAQ: SWHC) was also up, gaining 3.23 percent to $12.51 after the company reported an upbeat Q2 profit.
Equities Trading DOWN
Shares of Avanir Pharmaceuticals (NASDAQ: AVNR) were down 26.80 percent to $3.14 after the company reported that phase II PRIME study of investigation drug AVP-923 did not meet primary efficacy endpoint. The company also reported a wider Q4 loss.
Laboratory Corp. of America Holdings (NYSE: LH) shares tumbled 11.05 percent to $88.19 after the company issued a weak 2014 profit guidance.
Organovo Holdings (NYSE: ONVO) was also down, falling 11.34 percent to $8.89 following a Seeking Alpha article that recommended the company as a selling opportunity.
In commodity news, oil traded down 1.12 percent to $97.41, while gold traded down 0.63 percent to $1,253.00. Silver traded down 0.53 percent Wednesday to $20.30, while copper rose 0.72 percent to $3.29.