TradingMarkets 7 Stocks You Need to Know for Wednesday
Continued overbought extremes helped bring profit-takers off the sidelines on Tuesday as stocks began to pull back. Traders will be paying attention to earnings reports from companies like Garmin and Ciisco Systems before and after the bell respectively on Wednesday.
The Dow closed down 16.09. The Nasdaq Composite lost 9.44. And the S&P 500 finished lower by 3.44.
Here are 7 Stocks You Need to Know for Wednesday.
Reporting earnings after the close on Tuesday was Walt Disney
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PowerRating). Expected to announce EPS of 41 cents, Disney beat analyst estimates by two cents and was immediately higher by more than 4%in the aftermarket. Revenues were also better than expected. Disney has closed higher for five consecutive sessions below the 200-day moving average.
JP Morgan Chase
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PowerRating) was singled out as the only commercial bank that does not need additional funding based on likely “stress test” results according to an analyst with Friedman, Billings, Ramsey & Co. The stock has begun to pullback above its 200-day moving average, off more than 3% intraday on Tuesday.
Both Transocean Inc.
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PowerRating) and Garmin Inc.
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PowerRating) are reporting quarterly earnings Wednesday morning before the market opens. Analysts are expecting per share earnings of 3.48 from RIG and EPS of 0.42 from GRMN.
A number of companies are scheduled to announce earnings after the bell on Wednesday. Cisco Systems
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PowerRating) is expected to report per share earnings of 21 cents. Cisco has been pulling back above its 200-day moving average for the past two days.
Also reporting Wednesday after the close are Boston Beer Company
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PowerRating), which is expected to announce an EPS loss of 10 cents. Rival Molson Coors
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PowerRating), which was one our TradingMarkets 7 Stocks You Need to Know for Tuesday yesterday, beat analyst estimates on Tuesday and rallied by more than 9%. The stock crossed its 200-day moving average on an intraday basis for the first time since January 2, 2009.
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