In morning trading on Wednesday, the Dow Jones industrials were down 0.25%, while the S&P 500 was up 0.15% and the Nasdaq 1.04% higher.
After U.S. markets closed on Tuesday, Microsoft reported earnings per share (EPS) and revenue that topped Wall Street estimates. The better news is that the company expects growth going forward. Shares traded up 7.5% Wednesday morning.
Alphabet also beat top-line and bottom-line estimates and announced an additional $70 billion for its share buyback program. Shares traded about 1.4% higher.
Enphase Energy also beat estimates on the top and bottom lines but issued downside guidance for the current quarter. Shares were slammed Wednesday morning, trading down 22.5%.
PacWest Bancorp beat both EPS and revenue estimates, and even better, deposits are improving. The stock traded up 10% Wednesday morning.
Visa topped estimates on the top and bottom lines, and it was rewarded with a share price boost of less than 1%.
Before markets opened on Wednesday, Boeing missed Wall Street’s profit estimate but beat on revenue. The aerospace giant reaffirmed prior operating cash flow guidance and its delivery estimate of 400 to 450 737s for 2023. Shares traded up about 2.3%.
Norfolk Southern beat estimates on both the top and bottom lines, and the stock traded down about 1.3%.
Teck Resources missed consensus EPS and revenue estimates but shares were trading a bit higher, regardless. Investors may be thinking that the company may now look more favorably at a buyout offer from commodity trading giant Glencore. The company is looking for a simple way to split off its coal business. Shares traded up 5.3%.
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