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

by Marc Bastow | April 25, 2012 5:16 pm

[1]If a rising tide lifts all boats, than Apple (NASDAQ:AAPL[2]) might be considered the markets’ QE2. Following blowout earnings[3] 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[4]), Harley Davidson (NYSE:HOG[5]) and Eli Lilly (NYSE:LLY[6]), all reported stronger results this morning, and by the afternoon, word of a 2:1 share split at Coca-Cola (NYSE:KO[7]) — and a dividend increase at Exxon Mobil (NYSE:XOM[8]) — helped sustain the morning rally.

Following news of the split[9], 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[10] 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[11] 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[12]

), whose shares ended down 4.5% to $103 despite beating analyst estimates[13] on both earnings and revenues.

Tomorrow’s big earnings’ notables include Colgate (NYSE:CL[14]), Ford (NYSE:F[15]), Kellogg (NYSE:K[16]), Starbucks (NASDAQ:SBUX[17]) and Amazon (NASDAQ:AMZN[18]).

Three Up

• Unisys (NYSE:UIS[19]): Up 20.12% ($3.30) to $1970
• Cirrus (NASDAQ:CRUS[20]): Up 11% ($2.29) to $23.09
• Corning (NYSE:GLW[21]): Up 7.12% ($95 cents) to $14.30

Three Down

• Hess (NYSE:HES[22]): Down 7.01% ($3.86) to $51.18
• Credit Suisse (NYSE:CS[23]): Down 3.89% ($1.02) to $25.19
• Juniper Networks (NYSE:JNPR[24]): 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.

Source URL: https://investorplace.com/2012/04/an-apple-and-a-coke-are-all-markets-need-wednesdays-ip-market-recap-aapl-ko-xom-cat-lly/

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