U.S. markets declined for the third consecutive day Wednesday due to a falling dollar against the yen and growing concerns of future stimulus measures from the Federal Reserve. Market volatility in recent weeks can be attributed to comments made by Federal Reserve Chairman Ben Bernanke on May 22nd, stating that monetary stimulus could be scaled back if the labor market showed "real and sustainable progress." On Wednesday, the Dow Jones industrial average declined 126.79 points, while the S&P 500 fell 13.61 points. Here is how some companies in the S&P 500 reacted Wednesday:
American Express Company (NYSE: AXP) shares traded in the range of $74.68 to $77.00 Wednesday before settling to close at $74.72, a decrease of 2.35 percent. The stock appears to be facing resistance at $75.70 with some support at $69.79. The company offers an annual dividend of $0.92 per share, $0.26 quarterly, for a dividend yield of approximately 1.23 percent. Shares of American Express have gained approximately 30 percent in 2013.
More information on American Express and access to the free equity report can be found at: www.WallStreetFundamentals.com/AXP
Biogen Idec Inc. (NASDAQ: BIIB) shares traded in the range of $204.12 to $218.90 Wednesday before settling to close at $206.55, a decrease of 7.39 percent. The stock appears to be facing some resistance at the $214.14 with some support at $206.25. On Wednesday, Citi analyst Yaron Werber downgraded the company’s rating to “neutral” from “buy”. Shares of Biogen Idec have gained approximately 41.0 percent in 2013.
More information on Biogen Idec and access to the free equity report can be found at: www.WallStreetFundamentals.com/BIIB
Pfizer Inc. (NYSE: PFE) shares traded in the range of $28.40 to $28.96 Wednesday before settling to close at $28.43, flat for the day. The stock appears to be facing some resistance at $28.92 with support at $28.49. Teva Pharmaceuticals Industries Ltd. and Sun Pharmaceutical Industries Ltd. have recently agreed to pay Pfizer $2.15 billion dollars to settle a patent suit. Shares of Pfizer have gained approximately 13.4 percent in 2013.
More information on Pfizer and access to the free equity report can be found at: www.WallStreetFundamentals.com/PFE
Target Corporation (NYSE: TGT) shares traded in the range of $69.12 to $70.65 Wednesday before settling to close at $69.43, a decrease of 0.81 percent. The stock appears to be facing stiff resistance at $69.66 with some support at $67.79. On Wednesday, the company increased its quarterly dividend 19.4 percent to $0.43 per share. Shares of Target have gained approximately 17.3 percent in 2013.
More information on Target and access to the free equity report can be found at: www.WallStreetFundamentals.com/TGT
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