U.S. stocks end mixed amid earnings reports

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U.S. stocks finished mixed Wednesday, with the Nasdaq Composite Index eclipsing previous day’s closing record, as investors digested a slew of corporate earnings reports.

Global stock markets continued to rally as tensions in Ukraine eased.
Global stock markets continued to rally as tensions in Ukraine eased.
The Dow Jones Industrial Average fell 35.95 points, or 0.18 percent, to 20,054.34. The S&P 500 inched up 1.59 points, or 0.07 percent, to 2,294.67. The Nasdaq Composite Index increased 8.24 points, or 0.15 percent, to 5,682.45.

Shares of the Walt Disney Company edged up 0.01 percent to 109.01 U.S. dollars apiece Wednesday after the company delivered quarterly earnings above estimates but revenues shy of forecasts.

The entertainment firm reported quarterly earnings of 2.479 billion U.S. dollars for its first fiscal quarter ended Dec. 31, 2016, a decrease of 14 percent from the prior-year quarter. Diluted earnings per share for the quarter decreased 10 percent to 1.55 dollars from 1.73 dollars a year ago.

Shares of Time Warner rose 0.39 percent to 96.60 dollars apiece Wednesday after the media and entertainment giant reported better-than-expected quarterly results.

The company’s revenues grew 11 percent to 7.9 billion dollars for the fourth quarter of 2016, but its earnings per share fell by 62 percent to 40 cents compared to 1.06 dollars for the prior year’s quarter.

The latest data from Thomson Reuters showed that the S&P 500 companies’ blended earnings in the fourth quarter of 2016 are expected to rise 8.2 percent year on year, while the revenues are forecast to increase 4.3 percent.

There are no major economic data reports scheduled for Wednesday. Enditem
Source: Xinhua/NewsGhana.com.gh

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