Microsoft Buys Skype as Apple and Google Testify On Privacy, Data: 7 Stocks You Need to Know for Wednesday
Stocks gained ground for a third day in a row, moving the markets back toward the edge of overbought territory. Merger/acquisition news from Microsoft helped set a bullish tone as traders continued to bid stocks higher in the wake of recent oversold lows.
Among the earnings reports scheduled for Wednesday are announcements from Cisco Systems (more on Cisco below) and ^M^. Missing on both the top and bottom line after the bell on Tuesday was ^DIS^.
Here are 7 Stocks You Need to Know for Wednesday.
^MSFT^ (below) announced that it was buying Skype in a deal worth more than $8 billion.
Shares of MSFT have been trading around their 200-day moving average since the early spring, spending all of May just below this level.
Both ^AAPL^ and ^GOOG^ were under the spotlight in Washington due to privacy concerns expressed by members of Senate subcommittee. Apple has been largely rangebound over the past several days. Google is up three days in a row below the 200-day moving average and increasingly overbought.
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Also up three days in a row – albeit above the 200-day – are shares of ^AMZN^ (below).
AMZN closed higher by more than 1% on Tuesday, reaching a new high for the year.
Shares of ^BSX^ (below) pulled back by more than 8% on Tuesday.
BSX had closed lower for three out of the previous four trading days before Tuesday’s steep pullback. The profit-taking in the stock accelerated on news that the company’s CEO was stepping down.
Scheduled to report quarterly earnings on Wednesday is ^CSCO^. Shares of CSCO were up more than 1% on Tuesday and are now overbought below the 200-day moving average.
Up three in a row and gaining more than 2% ahead of trading on Wednesday were shares of ^EBAY^.
David Penn is Editor in Chief of TradingMarkets.com