Amazon, Apple Amaze
Amazon.com shares soared nearly 25% Wednesday after the company posted blowout quarterly results, helping stocks recoup some of Tuesday's losses on fears of a credit market meltdown.
Apple fared well after the close, gaining 8% after the company blew past earnings estimates but issued disappointing guidance and iPhone sales figures.
Apple's earnings of 92 cents a share were a whopping 20 cents better than expected, and sales were up 24% to $5.41 billion, topping $5.29 billion estimates, helped by strong Mac sales. But iPhone shipments of 270,000 were less than analysts were hoping for, and current quarter guidance of 65-cent earnings and $5.7 billion in revenues were below expectations.
Also after the close, Baidu soared 18% on its results.
Boeing's results also boosted stocks in Wednesday's trading session, but slowdown fears and housing market woes limited gains.
RF Micro, Anadigics and Plantronics were other earnings winners, but Corning lost 6% on its results.
BladeLogic had a stellar IPO, soaring 47%.
The Nasdaq rose 8 to 2648, the S&P 500 added 7 to 1518, and the Dow rose 68 to 13,785. Volume rose to 4.28 billion shares on the NYSE, and 2.6 billion on the Nasdaq. Advancing issues led by a 19-12 margin on the NYSE, and 16-13 on the Nasdaq. Upside volume was 43% on the NYSE, and 54% on the Nasdaq. New highs-new lows were 51-411 on the NYSE, and 85-257 on the Nasdaq.
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