Although U.S. stocks were mixed Wednesday, Wall Street closed slightly higher as Federal Reserve Chairman Ben Bernanke said the tapering of bond purchases was not on a “preset course” during his semi-annual testimony before Congress.
After the bell Wednesday, International Business Machines Corp. (Nasdaq: IBM) reported second-quarter earnings that beat expectations, while Intel Corp. (Nasdaq: Intel) cut its annual revenue forecast after a fall in PC sales.
IBM’s earnings rose to 3.91 per share, from $3.51 a share in the year-earlier period, while revenue edged down to $24.9 billion from $25.78 billion a year ago.
Intel saw second quarter earnings fall to 39 cents a share from 54 cents a share in the year-earlier period. Revenue declined to $12.8 billion from $13.5 billion a year ago.
Ebay Inc. (Nasdaq: EBAY) reported second-quarter earnings of 63 cents per share on revenue of $3.88 billion, which met Wall Street expectations. However, the e-commerce company offered weaker guidance for the third quarter as it expects third-quarter revenue in the range of $3.85 to $3.95 billion, less than the $3.96 billion expected by analysts.
Before the market bell Wednesday, Bank of America Corp. (NYSE: BAC) saw profit soar in the second-quarter as it reported it earned $3.6 billion in the quarter, up 70 percent from $2.1 billion a year ago.
After the bell Thursday, investors will be watching earnings from tech giants Microsoft Corp. (Nasdaq: MSFT) and Google Inc. (Nasdaq: GOOG).
Analysts polled by Reuters expect Microsoft to report fourth-quarter EPS of 75 cents on revenue of $20.79 billion, compared with a profit of 67 cents a share on revenue of $18.06 billion in the year-ago period.
Google Inc. (Nasdaq: GOOG) is forecast to report second-quarter EPS of $10.78 on revenue of $14.45 billion, according to Reuters, compared with a profit of $10.12 a share on revenue of $9.61 billion in the year-ago period.
The Dow Jones industrial average rose 18.67 points, or 0.12 percent, to close at 15,470.52. The S&P 500 Index was up 4.65 points, or 0.28 percent, to finish at 1,680.91. The Nasdaq Composite Index rose 11.50 points, or 0.32 percent, to close at 3,610.00.
Video Credit: Reuters
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