Toward the end of trading Wednesday, the Dow traded up 0.58
percent to 13,792.13 while the NASDAQ rose 0.44 percent to
3,157.63. The S&P also rose, increasing 0.23 percent to
Top Headline Following the market close on Tuesday, Google
(NASDAQ: GOOG )
beat on EPS but missed on revenue, sending shares up over 5
percent, while IBM (NYSE: IBM ) beat on both
revenue and EPS, while guiding higher than street expectations.
The announcements set the stage for today's highly anticipated
big tech releases: Apple (NASDAQ: AAPL ) and Netflix
(NASDAQ: NFLX ),
both of which happen after the close.
Equities Trading UP KB Home (NYSE: KBH ) posted a 9.99
percent gain to $18.82 towards the end of trading Wednesday after
the company reported a spike in home orders.
Shares of Cree (NASDAQ: CREE ) were also up,
gaining a staggering 21.87 percent to $40.79 after the company
posted a large earnings beat following the market close on
Advanced Micro Devices (NYSE: AMD ) rose sharply as
well, trading up 12.24 percent to $2.75 after beating earnings
Equities Trading DOWN Coach (NYSE: COH ) dropped sharply
this morning, falling 15.87 percent to $51.05 after missing
earnings estimates this morning and announcing it will pivot to
become a lifestyle brand.
IAMGOLD (NYSE: IAG ) was also down,
falling 14.54 percent to $9.29 following a mineral resource update
yesterday and a subsequent downgrade at BMO Capital.
Shares of Molycorp (NYSE: MCP ) were down as
well, dropping 10.99 percent to $7.86 after the company warned of
weak revenue for its coming report.
Commodities In commodity news, oil traded down 1.43 percent to
$95.30, while gold traded down 0.41 percent to $1,686.20.
Silver traded up 0.12 percent Wednesday to $32.30.
Euro zone European markets fell this morning despite some
strength in the core. Leading the fall were the Italian MIB index
and the Spanish Ibex, both fell 0.25 percent, while the German DAX
lead the gainers, rising 0.30 percent.
Economics In economic news for Wednesday, the world economic
conference in Davos Switzerland has begun. So watch for interviews
from economic, political, and business leaders from around the
world over the course of the next few days.
For economic releases, MBA mortgage applications came in at 7.0
percent, below the prior figure of 15.20 percent, while redbook
month over month came in at 1.90 percent, beating the last report
of -0.30 percent.
The house price index month over month was also out, coming in
at 0.60 percent, the expected 0.70 percent but beating the last
reading of 0.50 percent.
The Chicago PMI report for December was revised this morning
from its initial report of 51.6 down to 48.9.
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