Boeing’s Earnings Drive Early Dow Gains

Stocks are gaining ground in the early stages of Wednesday’s session. The advance is modest, but investors were heartened by the latest round of earnings reports. Boeing (BA), Coca-Cola (KO) and Ford (F) are among the big names that have reported results during the morning.

Another major release is scheduled for after the close. Facebook (FB) is set to release its quarterly results. Shares are up fractionally ahead of the release.

Investors are also waiting to hear from the Federal Reserve, which is slated to deliver its latest policy decision this afternoon.

The Dow is leading the advance among the major averages in the early stages, bolstered by a strong earnings-inspired advance in Boeing. The index is up 121 points, or nearly 0.6 percent, to 21,735.

The S&P 500 and Nasdaq are posting more modest gains. The S&P 500 is up about 3.5 points, or 0.1 percent, to nearly 2,481. The Nasdaq is posting a gain of about 0.3 percent, rising 16 points to 6,428.

Aerospace and defense giant Boeing Co. is one of the highlights in the early going. The company reported a turnaround to a profit in the second quarter as lower revenues were more than offset by a decline in costs and expenses. Adjusted earnings per share for the quarter beat analysts’ expectations. The company also raised its outlook.

Shares of Boeing are up 17.53 points to 229.99 in the early going, a gain of more than 8 percent.

Meanwhile, Coca-Cola is little changed after the release of its results. The soft drink maker reported a profit for the second-quarter that declined 60 percent from last year, as the company incurred a charge of $653 million related to refranchising its North America bottling operations. Still, adjusted earnings per share topped analysts’ expectations.

Shares of Coke are down 12 cents to $45.12.

On the economic front, new data about the housing market were released in early trading. New-home sales were at a 610,000 pace in June, up 0.8% from the downwardly-revised May reading….

Read the full article at the Original Source..

Back to Top