Futures are rallying
Stock futures are perking up on Wednesday morning amid a slew of earnings reports and nothing major on the economic data calendar.
Around 8:38 a.m. ET, Dow futures were up 69 points, S&P 500 futures were up 9 points, and Nasdaq futures were up 25 points.
Stocks closed little changed on Monday and Tuesday, with the Dow gaining by less than 0.1% for a second straight day, something Deutsche Bank's Jim Reid pointed out has happened just twice this year.
Here's a quick rundown of all the big earnings releases that crossed:
- Coca-Cola's revenues fell nearly 5%, dented by the strong dollar. Net operating revenue fell to $11.43 billion from $11.98 billion ($11.54 expected).
- Boeing's profits rose 25% during the quarter to $1.70 billion, or $2.47 per share. That was more than analysts had expected. Revenues rose 9% to $25.85 billion, and commercial plane deliveries rose 7% to 199.
- Biogen reported $2.8 billion in revenues, up 11% year-on-year. Also, 11% of its workforce will be laid off as part of a restructuring.
- More oil industry woes: Baker Hughes reported a 39% decline in revenues to $3.8 billion, and forecast that drilling activity in North America would decline as customers adapt to lower oil prices.
And then we got a deal: Western Digital is buying SanDisk for $19 billion, or $86.50 per share. As often happens with mergers, there will be "synergies" (read, job cuts) at Western Digital.
It's Ferrari's IPO day. The luxury sports car maker priced its initial public offering at $52 per share, which was the higher end of expectations. Its ticker is RACE, and it will be listed under the New York Stock Exchange, which currently has a bunch of Ferraris parked outside its premises.