Tech Stocks Lead Market Higher
The major indices rose on Wednesday, with technology stocks leading the advance, ahead of earnings from tech bellwethers Amazon and Apple. In the meantime, investors had plenty of quarterly results to dissect, from Ambac Financial’s larger than expected loss, to Boeing’s strong earnings.
The Dow gained +42.99, the Nasdaq Composite +28.27 , and the S&P 500 +3.99.
Ambac Financial
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PowerRating) announced a first quarter loss of -$6.93 per share, missing estimates by a whopping $5.42. ABK shares plunged more than 42%.
Shares of Boeing
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PowerRating) rose 4.5% after the company reported earnings that beat estimates by $0.26.
Delta Air Lines
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PowerRating) and Northwest Airlines
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PowerRating) announced plans to merge last week, but first, both companies reported massive losses of $6.4 billion and $4.1 billion respectively.
Yahoo!
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PowerRating) declined despite posting better than expected results and raising guidance. Microsoft
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PowerRating) said the numbers had no impact on its proposed takeover offer.
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