Target (TGT) also reported earnings on Wednesday that fell short of expectations. Despite topping earnings estimates, sales were weaker-than-anticipated and TGT fell 1.61%. Hershey's shares (HSY) were lower following the announcement of the upcoming departure of their CEO, who will be taking over the position at Del Monte Foods. Dell (DELL) was one of the day's highlights. It's shares finished higher by 5.35% following better-than-expected earnings results and a slew of broker upgrades.
The Nasdaq Composite ($COMPX) ended the session higher by 31.79 points, or 1.14%, on Wednesday and it closed at 2,815.00. The top performers in the Nasdaq-100 were Dell (DELL) (+5.35%), F5 Networks (FFIV) (+4.51%), Expedia (EXPE) (+4.23%), and Cerner Corp. (CERN) (+4.17%). The weakest were Staples (SPLS) (-15.37%), Ctrip (CTRP) (-1.99%), Vertex Pharmaceuticals (VRTX) (-1.93%), and Urban Outfitters (URBN) (-1.91%).
Economic reports to keep an eye on later this week will include Thursday's jobless claims, Philadelphia Federal Reserve survey, and Leading Indicators Index.
Earnings reports to watch out for Salesforce.com (CRM) Thursday afternoon, and Yingli Green Energy (YGE) Friday morning.
Unless otherwise stated, the index action described in this article relates to the E-mini futures contracts for the respective indices. Actual index action may differ slightly in terms of pattern formation, although the market bias will remain the same.
Toni Hansen is president and co-founder of the Bastiat Group Inc., DBA Trading From Main Street. Toni is one of the most respected technical analysts and traders in the industry. She has been trading and educating new traders, money managers, professional market analysts and traders throughout the boom and bust of the last decade. She has worked in conjunction with some of the world's top financial exchanges. Learn more about Toni Hansen and the educational services she provides through her website at http://www.tonihansen.com.