It was Groundhog Day on Wednesday here on Wall Street. Just in case you missed Tuesday session, you got to re-live it, with the Dow Jones industrial average (^DJI) edging lower but the Nasdaq posting solid gains. The Dow fell 41 points, while theStandard Poor’s 500 index (^GPSC) gained a point, and the Nasdaq composite (^IXIC) rose 17.
IBM (IBM) was the big drag on the blue chips, losing 3 percent. Once again, Big Blue reported disappointing revenue. Barclays and JPMorgan cut their price targets on IBM’s stock.
Chipmaker Advanced Micro Devices (AMD) tumbled 12 percent. It posted a profit but warned that revenue in the current quarter will be weaker than expected. Rival chipmaker Intel (INTC) fell one percent. But Texas Instruments (TXN) gained 2 percent. Its net beat the Street, and the company plans to cut costs by eliminating 1,100 jobs.
Earnings news continues to drive some of the biggest price moves. On the downside: Coach (COH) fell 6 percent as sales plunged, especially for its handbags and accessories. Monsanto (MON) fell more than 2 percent.
Elsewhere, Blackberry (BBRY) — which was left for dead not that long ago — rose 8 percent. Over the past month, it’s shares are up 44 percent. The company plans to sell most of its real estate holdings, and it recently announced a big contract from the Pentagon.
Illumina (ILMN), which analyzes genetic sequencing, has become a big momentum play. It rose 2.5 percent on the day and it’s up 35 percent in the past month.
But check out one more stock: Target (TGT). It’s at a 52-week low. One big problem: a loss of trust with shoppers after the massive breach of their financial information.
Finally, Luna Innovations (LUNA) nearly doubled in price today after agreeing to sell a key fiber optic technology.
What to Watch Thursday:
- Labor Department releases weekly jobless claims, 8:30 a.m.
- Freddie Mac releases weekly mortgage rates, 10 a.m.
- Conference Board releases leading indicators for December, 10 a.m.
- National Association of Realtors releases existing home sales for December, 10 a.m.
These major companies are due to report quarterly financial results:
- Discover Financial (DFS), after the market closes.
- McDonald’s (MCD), before the market opens.
- Microsoft (MSFT), after the market closes.
- Nokia (NOK), before the market opens.
- Southwest Airlines (LUV), before the market opens.
- Starbucks (SBUX), after the market closes.
- United Continental Holdings (UAL), before the market opens.
–Produced by Drew Trachtenberg.