U.S. indices have been unable to keep up the strong gains made in the previous session as the Dow Jones Industrial Average, S&P 500 and Nasdaq were all lagging slightly midday Wednesday.
Markets are falling despite a continued rally in crude prices. Light crude futures contracts are up $0.47 to $34.87 per barrel on the New York Mercantile exchange while industry standard Brent crude contracts are also up $0.37 to $37.18 per barrel.
A decline in U.S. production is helping the commodity rise today. The U.S. Energy Information Administration reported that production fell last week by almost 25,000 barrels, though inventories rose 10.4 million barrels to 518 million.
Weatherford International (WFT) was leading the market higher on nearly 10 times its normal volume after the company announced that it will be issuing $565 million in equity.
Freeport-McMoRan (FCX) is advancing nearly 10% on heavy volume, one session after the company's stock was upgraded by analysts at Bank of America.
Shares of Monsanto (MON) were down nearly 8% on Tuesday after the company slashed its earnings forecast this year due to a strengthening dollar and falling seed prices. Real Money's Jim Cramer said today that he sees the dip as a buying opportunity.
Shares of Darling Ingredients (DAR) are spiking over 27% on heavy volume after the food manufacturer's fourth-quarter earnings were more than double analysts' expectations.
Spirits maker Brown-Forman (BF.B) was falling Wednesday despite topping analysts' quarterly estimates after the company revised its full-year earnings outlook downward to between $3.32 and $3.42 per share vs. analysts' $3.44 expectations.
Shares of sporting goods retailer Dick's Sporting Goods (DKS) are falling today after rival Sports Authority filed for chapter 11 bankruptcy protection today. However, Sports Authority's loss may be Dick's gain.