TradingMarkets 7 Stocks You Need to Know for Wednesday

Stocks rallied as traders continued to push stocks deeper into overbought territory. Traders and investors will be focused on retail on Wednesday, as a number of retailers report earnings before and after the close.

The Dow climbed 62.21. The Nasdaq Composite added 24.35. And the S&P 500 ended the day up 7.25.

Here are 7 Stocks You Need to Know for Wednesday

A new variable pricing strategy for iTunes customers and news of an under-$2,800 MacBook cheered traders in Apple
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on Tuesday who kept the stock aloft despite profit-taking late in the session.

Dow Chemical
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has suggested that it may seek legal action over the loss of funding from Kuwait, funding that was slated to help the chemical giant complete its acquisition of Rohm and Haas.

After the market closed on Tuesday, Alcoa
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announced massive job cuts, a 50% reduction in capital spending, and a suspension of its stock buyback program. The aluminum giant blamed weakening global demand.

A patent-extension for its anti-cholesterol drug Lipitor will likely keep Pfizer
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on top in this drug category through 2011, according to industry analysts. Pfizer was among a number of drug stocks which have pulled back from recent overbought extremes.

After a brief pause on Monday, shares of Hewlett-Packard
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soared on Tuesday. The stock has advanced for seven out of the past eight trading sessions.

Supervalu
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and Family Dollar Stores
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are a pair of retailers reporting quarterly earnings Wednesday morning before the market opens. Analysts are expecting EPS of 60 cents from Supervalu and 40 cents from Family Dollar.

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