Midday Stock RoundupWednesday, July 30, 2014
The S&P 500 was down 0.23% to 1,965.44 in midday trading Wednesday.
The Dow Jones Industrial Average was up 0.38% to 16,847.09, while the Nasdaq was up 0.21% to 4,452.19.
The yield on a 10-year Treasury bond jumped 3.9% to 2.56%.
The price of gold was down 0.30% to $1,295.10.
Irvine-based medical device maker Edwards Lifesciences was up 11.8% to $94.41 and a market cap of $10 billion. It reported second quarter earnings of 88 cents per share beating consensus estimates by 11 cents. The company said revenue grew 11.2% year-over-year to $575 million. It also recorded a gain of $750 million for the quarter on a patent settlement with Medtronic Inc. Minneapolis-based Medtronic fell slightly to $62.50 and a market cap of $62.4 billion.
Anaheim-based Pacific Sunwear of California Inc. was down 5.5% to $1.90 and a market cap of $131 million. Its stock was downgraded from “buy” to “neutral” by Los Angeles-based B. Riley & Co. which cited promotional pricing and reduced earnings expectations. It halved the company’s price target to $2.10.