3 Stocks to Watch on Wednesday: Yahoo! Inc. (YHOO), Banc of California Inc (BANC) and Intuitive Surgical, Inc. (ISRG)

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Yesterday proved to be a positive outing for U.S. markets on an up day for stocks and commodities alike. The S&P 500 Index gained 0.6%, the Dow Jones Industrial Average edged 0.4% higher and the Nasdaq Composite surged 0.9%. Gold and oil were up fractionally as well.

3 Stocks to Watch on Wednesday: Yahoo! Inc. (YHOO), Banc of California Inc (BANC) and Intuitive Surgical, Inc. (ISRG)Intuitive Surgical, Inc. (NASDAQ:ISRG) and Yahoo! Inc. (NASDAQ:YHOO) were both moving on earnings reports, while Bank of California Inc (NYSE:BANC) was snapping back with a vengeance amid some recent claims.

Here’s what you should be watching for today:

Yahoo! Inc. (YHOO)

YHOO shares were up a bit in Wednesday’s premarket trade after it shared quarterly results.

Yahoo actually posted a strong third quarter, earnings 17 cents per share, and 20 cents on adjusted basis, to beat expectations for 14 cents per share. Revenues of $857, excluding the cost of traffic acquisition, were just below Wall Street estimates, though in line with the company’s own guidance.

Guidance for current-quarter revenue after traffic acquisition costs disappointed, however. YHOO is looking for $880 million to $920 million, while the consensus is for $938.4 million.

CEO Marissa Mayer and the rest of the company have come under fire recently both for a massive data breach, and allegations that Yahoo cooperated with the U.S. government by illegally scanning emails for authorities.

Those issues have put a wrench into the planned acquisition of Yahoo by Verizon Communications Inc. (NYSE:VZ). The question now is whether VZ still wants to do the buyout — reports say Verizon is looking for a discount.

YHOO shares crawled 1.4% higher before Wednesday’s trade.

Bank of California Inc (BANC)

BANC shares were recovering in a strong way a day after the bank plunged in response to a Seeking Alpha blog post.

On Tuesday, Bank of California slumped by more than 30% after the Aurelius Instablog published an article calling shares “Un-Investible,” linking some of the bank’s officers with investment banker Jason Galanis. Galanis earlier this year had pleaded guilty to “securities fraud, investment adviser fraud and two conspiracy charges” in connection with a scheme surrounding a publicly traded reinsurer.

However, BANC shares are roaring back this morning after the bank made an 8K filing saying that it would investigate the connections to Jason Galanis, but also demanding the removal and retraction of the article.

BANC stock was up 17% in premarket action.

Intuitive Surgical, Inc. (ISRG)

ISRG shares were off a bit Wednesday morning despite reporting a boost in its third-quarter profits after Tuesday’s bell.

The surgery tools provider earned $5.31 per share, or $6.19 per share on an adjusted basis. This figure was higher than analysts’ view of $5.15 per share on an adjusted basis. Net sales amounted to $683 million, which also came in ahead of the $651.2 million in revenue than Wall Street had called for.

Intuitive Surgical sold 134 da Vinci systems over the period, which is higher than the 117 sold in the year-ago quarter. The $1.5 million product combines three-dimensional vision systems with hand-worn tools.

Surgeries using da Vinci systems enjoyed a 14% rise, most of which were used in general procedures in the U.S. including hernia repairs and prostate procedures.

Nonetheless, ISRG stock was off 2% on Wednesday morning.


Article printed from InvestorPlace Media, https://investorplace.com/2016/10/3-stocks-to-watch-on-wednesday-yahoo-inc-yhoo-banc-of-california-inc-banc-and-intuitive-surgical-inc-isrg/.

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