Mid-Afternoon Market Update: Markets Trade in Choppy Session as SodaStream Rallies on Rumor of Starbucks Stake in Company

Toward the end of trading Wednesday, the Dow traded down 0.07 percent to 16,503.00 while the NASDAQ tumbled 0.78 percent to 4,129.02. The S&P also fell, dropping 0.19 percent to 1,875.42.

In trading on Wednesday, utilities shares were relative leaders, up on the day by about 0.46 percent. Top gainers in the sector included PPL

, Empresa Distribuidora y Comercializadora Norte SA

, and Pampa Energia SA

. Telecommunications services sector was the top decliner in the US market on Wednesday. Top losers in the sector included China Unicom (Hong Kong)

, off 4.5 percent, and Kongzhong

, down 4.7 percent.

The Boeing Company

reported

first-quarter profit. Boeing's quarterly profit declined to $965 million, or $1.28 per share, from a year-ago profit of $1.11 billion, or $1.44 per share. Its adjusted earnings surged to $1.76 per share compared to $1.73 per share. Its revenue climbed to $20.47 billion versus $18.89 billion. However, analysts were projecting earnings of $1.57 per share on revenue of $20.24 billion. For the full year, Boeing expects adjusted earnings of $7.15 to $7.35 per share.

Xoom

shares shot up 21.68 percent to $23.97 after the company reported upbeat Q1 results and issued a strong FY14 outlook. Shares of Elizabeth Arden

got a boost, shooting up 10.58 percent to $31.45. LG Household & Healthcare is considering a bid for Elizabeth Arden, according to Reuters. SodaStream International

was also on the rise, gaining 13.51 percent to $45.89 following reports that Starbucks

was in talks to take a 10 percent stake in the company.

Shares of VMware

were 8.88 percent to $95.81 after the company reported Q1 results. Vmware reported earnings of $0.80 per share on revenue of $1.36 billion. International Game Technology

also fell, dropping 10.31 percent to $12.62 after the company beat estimates in its first quarter report, but announced that gaming revenue had fallen sharply. Cree

was down, falling 12.22 percent to $50.96 on Q3 results.Cree reported its Q3 earnings of $0.39 per share on revenue of $405.30 million. However, analysts were expecting earnings of $0.38 per share on revenue of $407.29 million.

In commodity news,

to $101.53, while gold traded up 0.28 percent to $1,284.60. Silver traded up 0.17 percent Wednesday to $19.46, while copper rose 0.36 percent to $3.04.

European shares

today. The Spanish Ibex Index dropped 0.13 percent, while Italy's FTSE MIB Index fell 1.18 percent. Meanwhile, the German DAX dropped 0.58 percent and the French CAC 40 slipped 0.74 percent while U.K. shares declined 0.13 percent.

The MBA reported that its index of mortgage application activity declined 3.30% in the week ended April 18. The preliminary reading of Markit PMI manufacturing index fell to 55.40 in April, versus a reading of 55.50 in March. However, economists were expecting a reading of 56.00. Sales of new US homes dropped 14.5% to an annual rate of 384,000 in March. However, economists were projecting a sales rate of 450,000. Crude stockpiles climbed 3.5 million barrels for the week ended April 18, the US Energy Information Administration reported. However, analysts were expecting a gain of 3.1 million barrels. Gasoline supplies slipped 300,000 barrels, while distillate stockpiles increased 600,000 barrels.