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The American Petroleum Institute late Wednesday reported that crude supplies climbed by 4.6 million barrels for the week ended Jan. 15, according to sources who reviewed the report. The more closely watched Energy Information Administration report is due Thursday. Data were delayed this week due to Monday’s holiday. On average, analysts polled by Platts show expectations for a crude supply increase of 2.9 million barrels. Following the API data, March crude was at $28.31 a barrel in electronic trading, down from the $28.35 settlement on Nymex.

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Shares of Kinder Morgan Inc. fell Wednesday after the oil and gas infrastructure company reported a fourth-quarter loss $637 million, or 29 cents a share, versus earnings of $126 million, or 8 cents a share, in the year-ago period. Kinder Morgan’s revenue hit $3.64 billion in the quarter, down from $3.95 billion in the fourth quarter of 2014. Analysts polled by FactSet had expected the oil and gas pipeline company to report earnings of 16 cents a share on sales of $3.91 billion. The company’s board of directors approved a quarterly cash dividend of 12.5 cents payable on Feb. 15, down from 51 cents a share in the third quarter. Kinder Morgan reported distributable cash flow of $1.23 billion, down from $1.27 billion in the year-ago period. The FactSet analysts had expected the company to report distributable cash flow of $1.19 billion for the quarter. Shares declined 2% in late trading Wednesday after ending the regular session down 4.3%.

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Citrix Systems Inc. said that Kirill Tatarinov will become president and chief executive officer of the virtualization software company effective Jan. 25. Tatarinov most recently served as an executive vice president for Microsoft Corp.’s business solutions division. Robert Calderoni, the interim president and CEO, will continue on as chairman. Citrix shares were flat at $66.50 after hours.

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U.S. stocks finished a wild day of trading lower Wednesday. Heading into the close, crude oil prices recovered from a precipitous selloff, helping to mitigate a steeper drop for stocks. The S&P 500 finished 21 points, or 1.2%, lower at 1,859; the Dow industrials finished down 247 points, or 1.5%, at 15,768; and the Nasdaq Composite finished 5.3 points, or 0.1%, lower at 4,471.

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A Congressional committee has subpoenaed Martin Shkreli, the former CEO of Turing Pharmaceuticals and KaloBios , to testify at a hearing scheduled for January 26 on pricing and practices in the prescription drug market. Shkreli was arrested on December 17 and faces criminal and civil charges of fraud for actions he took as CEO of another firm, Retrophin . A spokeswoman for Rep. Elijah Cummings of Maryland told MarketWatch, “I have been trying for the better part of a year to get information from Martin Shkreli about his outrageous price increases, and he has obstructed our investigation at every turn. He claims publicly that he wants to explain to Congress how drug pricing works. On Tuesday, he will get his chance.”

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From:: Stock Market News

Oil futures settled sharply lower on Wednesday as a global glut of supplies and fear that Iran would add to inventories plagued the market. February West Texas Intermediate crude , which expired at the settlement, fell $1.91, or 6.7%, to settle at $26.55 a barrel on the New York Mercantile Exchange. March WTI crude , which is now the front-month contract, settled at $28.35, down $1.22, or 4.1%.

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WASHINGTON (MarketWatch) – Federal Reserve Chairwoman Janet Yellen will testify on Feb. 10 about the outlook for the U.S. economy and interest rates to the House Financial Services Committee, according to a statement from the panel released Wednesday. The hearing is part of Yellen’s regular bi-annual reports to lawmakers about central bank matters.

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Twitter Inc. shares soared 12.5% Wednesday in afternoon trade Wednesday, after falling as much as 7.2% to a record low earlier in the session. The shares rose amid speculation that News Corp. , the parent of MarketWatch, had bought a stake in Twitter, said James Cakmak, an analyst at Monness Crespi Hardt. “No idea if true or not but that’s the chatter right now,” Cakmak wrote in an email. News Corp. did not immediately respond to a request to comment. Volume as of 2 p.m. ET was 46 million shares, more than double the full-day average of 19.8 million shares, according to FactSet

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News