Stocks held in negative territory in early-afternoon action Wednesday, as investors waited for the release of minutes from the Fed's last policy meeting.
The Nasdaq and S&P 500 fell 0.6% and 0.4%, respectively, giving up most of their gains from Tuesday. The Dow Jones industrial average edged down 0.1%. Volume was tracking down slightly from Tuesday's levels across the board.
Among IBD 50 stocks, Grand Canyon Education (LOPE) rose 2% in fast trade, though it had been up as much as 6%. Late Tuesday, the for-profit educator posted fourth-quarter profit and revenue that beat forecasts. Its Q1 and full-year EPS targets were roughly in line with estimates. The stock, No. 27 in Wednesday's IBD 50, is trading about 4% past a recent flat-base buy point at 25.
Also on the earnings front, Lumber Liquidators (LL) jumped 3% in strong turnover, as the flooring retailer on Wednesday released Q4 results that topped forecasts. The stock is holding 12% beyond a 57.34 handle entry. Lumber Liquidators is not in the latest IBD 50, but it has an IBD Composite Rating of 94 out of a best-possible 99.
SodaStream International (SODA) was down 3% in heavy volume after its Q4 earnings missed forecasts. It had been down as much as 7%, nearing its 10-week moving average. The Israeli maker of in-home soda machines is back below its recent 50.08 three-weeks-tight buy point. It's No. 3 in Wednesday's IBD 50.
Celgene (CELG) added 2% in strong volume and hit a new high after announcing an accelerated share repurchase agreement with an investment bank to buy $600 million of the company's common shares. It's No. 9 in Wednesday's IBD 50.
The stock market today is digesting a worse-than-expected figure for January housing starts, along with a better-than-anticipated reading for building permits. Plus, prices paid by producers rose less than expected in January. At 2 p.m. EST, the Fed will release the minutes from its last policy-setting meeting.
Source: http://news.investors.com/investing-stock-market-today/022013-645061-wall-street-down-wednesday.htm
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