NEW YORK (TheStreet) -- U.S. stocks were trading on a cautious note Wednesday following disappointing earnings from Coach (COH), U.S. Bancorp (USB) and IBM (IBM).
The S&P 500 was off 0.09% to 1,842.21, while the Dow Jones Industrial Average was down 0.36% to 16,355.49. The Nasdaq was up 0.24% to 4,235.78, buoyed by a 1.19% gain in Apple (AAPL) after its share price target was raised at Goldman Sachs.
"Given the mixed bag in earnings and some disappointments, investors are really in a wait and see mode before making any additional commitment to the asset class," said Lon Erickson, the Santa Fe, New Mexico-based money manager at Thornburg Investment Management. Thornburg oversees about $90 billion.
Coach was tumbling 6.2% to $49.29 after missing fourth-quarter earnings per share estimates by five cents at $1.06. Same-store sales plummeted 13.6%. Norfolk Southern (NSC) jumped 5.5% to $94.14 after its profit beat forecasts due to higher shipments of chemicals, auto and agricultural products. BlackBerry (BBRY) gained 7.4% to $10.67 after saying it will work with CBRE Group to sell properties that it will lease back from new owners. IBM was shedding 3.80% to $181.27 after the company on Tuesday reported fourth-quarter earnings that beat expectations, but revenues that came in light. Upbeat software and cloud performance helped offset the continued drag from its hardware units. eBay (EBAY) and Netflix (NFLX) will report after market close. eBay was off 0.22% and Netflix was up 0.74%. Netflix's fourth-quarter results may show a big increase in streaming subscribers, but Netflix is likely working harder to get them. The domestic economic calendar is empty Wednesday. Markets closed mixed Tuesday after lackluster results for companies such as Travelers (TRV), Johnson & Johnson (JNJ) and Verizon (VZ). -- Written by Jane Searle in New York.
Stock quotes in this article: ^DJI, ^GSPC, ^IXIC, AAPL, NFLX, COH
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