After Market: Groundhog Day for Investors as Tuesday's Pattern Repeats

DailyFinance Staff
Updated

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.

GROUNDHOG DAY -1993 BILL MURRAY
AlamyWednesday was cold, snowy, and the stock market did just what it did the day before: Someone call Bill Murray.

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.

Textron (TXT), best known for its Cessna planes, rose 5 percent. And Brinker International (EAT) gained 6.5 percent. It operates the Chili's and Maggiano's restaurant chains.

%VIRTUAL-article-sponsoredlinks%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.

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