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Indices Get By on ABCs — Wednesday’s IP Market Recap

InvestorPlace Market RecapIf a rising tide lifts all boats, than Apple (NASDAQ:AAPL) might be considered the markets’ QE2. Following blowout earnings released Tuesday after the bell, AAPL shares rose 9% in trading Wednesday and leading the overall markets higher.

Apple’s performance helped lift the Nasdaq an astounding 2.3% to close at 3,029.63, and the S&P gained 1.36% to close at 1,390.69.

The Dow Jones benefited from positive news of its own, as continued strong earnings news and a positive economic outlook and decision by the Federal Open Market Committee to hold interest rates steady through 2014 helped push the index up 0.69% to 13,090.72.

Boeing (NYSE:BA), Harley Davidson (NYSE:HOG) and Eli Lilly (NYSE:LLY), all reported stronger results this morning, and by the afternoon, word of a 2:1 share split at Coca-Cola (NYSE:KO) — and a dividend increase at Exxon Mobil (NYSE:XOM) — helped sustain the morning rally.

Following news of the split, Coke shares touched $75 per share before settling at a 13-year high of $74.93, while XOM shares moved up fractionally to $86.85. Both actions require formal board and shareholder approval.

Boeing’s earnings came in at $1.22 per share, above analyst estimates of 94 cents, with revenues of $19.4 billion trumping estimates for $18.4 billion. Boeing finished up 5% at $77.08. LLY was up 2% as adjusted earnings of 92 cents per share topped estimates for 78 cents. Harley Davidson’s sales rose 20% to $1.7 billion, and net income soared 44% to 74 cents. Harley’s stock price roared up 6% to close at $53.49.

Not as fortunate on the day was Caterpillar (NYSE:CAT), whose shares ended down 4.5% to $103 despite beating analyst estimates on both earnings and revenues.

Tomorrow’s big earnings’ notables include Colgate (NYSE:CL), Ford (NYSE:F), Kellogg (NYSE:K), Starbucks (NASDAQ:SBUX) and Amazon (NASDAQ:AMZN).

Three Up

  • Unisys (NYSE:UIS): Up 20.12% ($3.30) to $1970
  • Cirrus (NASDAQ:CRUS): Up 11% ($2.29) to $23.09
  • Corning (NYSE:GLW): Up 7.12% ($95 cents) to $14.30

Three Down

  • Hess (NYSE:HES): Down 7.01% ($3.86) to $51.18
  • Credit Suisse (NYSE:CS): Down 3.89% ($1.02) to $25.19
  • Juniper Networks (NYSE:JNPR): Down 361% (78 cents) to $20.85

Marc Bastow is an assistant editor of InvestorPlace. As of this writing, he was long AAPL and XOM.

Article printed from InvestorPlace Media,

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