Stocks have remained higher today on earnings of companies that beat analysts' estimates. The Dow
(INDEXDJX:.DJI) increased 0.49% to 14,492.53. The S&P 500
(INDEXSP:.INX) climbed 0.52% to 1,553.85, and the Nasdaq
(INDEXNASDAQ:.IXIC) rose 0.47% to 3,237.83. The Cyprus debt crisis remains unresolved after Russia refused to give aid to the island nation. Cyprus needs to pay $7.5 billion to secure a $13 billion international bailout, but legislators have been unable to collect the funds. The European Central Bank will cut emergency funds for Cyprus if it does not create a proposal by Monday.
(NYSE:PEP) rose 3.57% to $78.87. The beverage and snacks company announced yesterday that it will change the shape of its 20-ounce bottle for the first time in 17 years.
Also, Nelson Peltz, an activist investor, has built a stake in PepsiCo and Mondelez International
(NASDAQ:MDLZ). Peltz has not revealed the amount of his investments, but one source stated that he has been using $2 billion to buy stock in various companies.
(NYSE:NKE) jumped 11.23% to $59.62. Yesterday, the global footwear company reported quarterly earnings that beat analysts’ estimates. Its quarterly net income increased 16% to $662 million, or $0.73 on $6.2 billion in revenue, a 9% increase year-over-year. Nike Brand revenues grew 10% in all areas except for China and Japan.
(NASDAQ:ORCL) continues its decline, dropping 1.38% to $31.86. Oracle reported earnings for its fiscal third quarter on Wednesday that missed analysts’ estimates.
(NASDAQ:MU) spiked 11.41% to $10.11 despite reporting a quarterly loss yesterday. Its fiscal second quarter net loss was $286 million, or $0.28 per share, versus a net loss of $282 million, or $0.29 per share, in the prior-year quarter. Micron President Mark Adams said on an earnings conference call that prices for DRAM and NAND are increasing, making investors more optimistic.
(NYSE:SVU) increased 5.98% to $4.96. The retail and wholesale provider of food announced appointments to its executive team. Janel Haugarth will remain the company’s vice president and president of independent business and supply chain services. Randy Burdick has been named executive vice president and chief information officer. Michele Murphy has been named executive vice president of human resources and corporate communications for the company.
No positions in stocks mentioned.