Apple Rumors, Joy’s Gloomy Outlook, and Molycorp Loses its CEO: Mid-Day Buzzers
Markets edged up on Wednesday afternoon. Wall Street has its eyes on the United States Federal Reserve, which is expected to announce a new bond-buying program at the end of its monetary policy meeting today.
At 1:15 pM: S&P: +0.54%, Nasdaq: +0.12%, Dow: +0.37%.
Shares of Molycorp, Inc. (NYSE:MCP), a development-stage producer of rare-earth products, were off 4.41 percent in the afternoon after CEO Mark Smith’s unexpected departure. The company is being investigated by the Securities and Exchange Commission over its financial disclosures and is dealing with a lawsuit related to engineering problems at a mine.
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Costco Wholesale Corporation (NASDAQ:COST) trekked 0.08 percent today afternoon after it released first-quarter fiscal 2013 operating results. Net sales grew 10 percent to $23.20 billion on a 7 percent increase in comparable-store sales. Net income grew a whopping 30 percent to $0.95 per share.
Eli Lilly and Company (NYSE:LLY) dropped as much as 2.81 percent in the afternoon after the company announced that it would pursue an additional Phase 3 study of solanezumab, an antibody being studied as a potential therapy for patients with mild Alzheimer’s disease.
Shares of Joy Global, Inc. (NASDAQ:JOY) were up 4.22 percent after suggesting that that orders will remain low for 2013. The company reported its fourth-quarter and fiscal 2012 year-end operating results as well. Net sales grew 19 percent year over year to $1.6 billion, while operating income grew to $326 million, but shrank from 22 percent of sales to 20 percent of sales.
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