Market Mayhem: Investors Avoid BofA, Dow Closes Above 12,900!
Markets closed up on Wall Street today:
Dow +0.81%, S&P +0.67%, Nasdaq +1.12%, Oil +0.75%, Gold -0.85%.
Here’s your Cheat Sheet to today’s top stock stories:
W.W. Grainger’s (NYSE:GWW) shares jumped 11 percent after the company reported a second quarter profit increase of 12 percent to $190.7 million or $2.63 a share. This exceeded analysts’ estimates.
EMC Corp.’s (NYSE:EMC) shares increased 10 percent after Tuesday’s news that the company moved ahead with its succession plans for its Chief Executive Joe Tucci by naming a top executive to oversee VMware Inc. (NYSE:VMW). Both companies presented strong preliminary revenue numbers for the second quarter. VMware’s shares increased 12 percent on Wednesday.
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On the downside, Bank of America, Inc.’s (NYSE:BAC) shares fell 4.2 percent after the the bank reported second-quarter results that exceeded Wall Street estimates. Its profits were amplified by lower provisions for loan losses.
Arena Pharmaceutical Inc. (NASDAQ:ARNA) declined almost eight percent. On Wednesday, Cowen analysts said they believe a new weight-loss drug approved by the FDA for its competitor Vivus will likely outperform a comparable Arena drug.
Rovi Corp.’s (NASDAQ:ROVI) shares dropped 42 percent after the company estimated fiscal second-quarter earnings below analyst estimates thanks to lower revenue from its consumer-electronics business. The company also slashed its full-year picture, noting delays from adding new patent licenses and some product launches.
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