Following the market opening Wednesday, the Dow traded up 0.42
percent to 13,770.13 while the NASDAQ rose 0.37 percent to
3,154.63. The S&P fell however, decreasing 0.05 percent to
Top Headline Following the market close on Tuesday, Google
) beat on EPS but missed on revenue, sending shares up over 5
percent, while IBM (NYSE:
) 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:
) and Netflix (NASDAQ:
), both of which happen after the close.
Equities Trading UP MAP Pharmaceuticals (NASDAQ:
) shot up 58.47 percent to $24.69 after it was announced that
Allergan would buy the company for $958 million this morning.
Shares of Cree (NASDAQ:
) were also up, gaining a staggering 18.11 percent to $39.53
after the company posted a large earnings beat following the
market close on Tuesday.
Advanced Micro Devices (NYSE:
) rose sharply as well, trading up 10.20 percent to $2.70 after
beating earnings expectations yesterday.
Equities Trading DOWN Coach (NYSE:
) dropped sharply this morning, falling 14.12 percent to $52.11
after missing earnings estimates this morning and announcing it
will pivot to become a lifestyle brand.
) was also down, falling 9.29 percent to $9.86 following a
mineral resource update yesterday and a subsequent downgrade at
Shares of General Dynamics (NYSE:
) were down as well, losing 4.20 percent to 67.74 as the company
posted a loss linked to a slowdown in defense spending.
Commodities In commodity news, oil traded down 0.16 percent to
$96.53, while gold traded down 0.19 percent to $1,690.50.
Silver traded up 0.17 percent Wednesday to $32.35.
Eurozone 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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