S&P 500 Hits Five-Month High – Latest Updates on DFS, INTC, KO and YHOO
New York, New York – April 21st, 2016 – The S&P 500 Index hit a five-month high Wednesday as rebounding oil prices pushed U.S. market higher. The S&P 500 Index hit a high of 2,111.05 before settling to close at 2,102.40, up approximately 2.9 percent year-to-date and roughly 1.0 percent away from its all-time high. The CBOE Volatility Index, a leading measure of market expectations of near-term volatility conveyed by S&P 500 Index (SPX) option prices, touched a low of 12.50 in trading Wednesday, marking a new low for the year.
“There’s been no bearish catalyst that’s surfaced to really knock things down and earnings are spilling in and going as expected,” said Nick Kalivas, PowerShares' senior equity product strategist. “We’re now a couple of heartbeats off the all-time high and that’s creating performance anxiety among fund managers, causing people to think the picture’s not as glum. It’s keeping an underlying bid in the market.”
Here is how some S&P 500 companies reacted Wednesday:
Discover Financial Services (NYSE: DFS) shares spiked 8.18 percent to close at $56.85 a share Wednesday. The stock traded between $55.05 and $57.09 on volume of 8.23 million shares traded. Discover Financial Services reported earnings of $1.35 per share for the first quarter of 2016, which topped analysts’ expectations of $1.29 a share. Shares of Discover Financial Services have gained approximately 6.0 percent year-to-date and are up roughly 12.0 percent in the past month.
Find out more about Discover Financial Services including full access to the equity report at:
Intel Corporation (NASDAQ: INTC) shares gained 1.27 percent to close at $32.00 a share Wednesday. The stock traded between $31.25 and $32.26 on volume of 57.56 million shares traded. Intel reported revenues were $13.8 billion for the first quarter of 2016, which were in line with analysts’ estimates of $13.83 billion. The company also announced plans to reduce its workforce by roughly 11.0 percent by 2017. Shares of Intel have fallen approximately 7.0 percent year-to-date and are down roughly 2.0 percent in the past month.
Find out more about Intel including full access to the equity report at:
The Coca-Cola Co. (NYSE: KO) shares declined 4.83 percent to close at $44.35 a share Wednesday. The stock traded between $44.06 and $45.38 on volume of 40.35 million shares traded. Coca-Cola reported revenues were $10.28 billion for the first quarter of 2016, a decrease of 4.0 percent when compared to revenues of $10.71 billion a year ago. Shares of Coca-Cola have gained approximately 3.0 percent year-to-date and are down roughly 3.0 percent in the past month.
Find out more about Coca-Cola including full access to the equity report at:
Yahoo! Inc. (NASDAQ: YHOO) shares jumped 4.16 percent to close at $37.84 a share Wednesday. The stock traded between $37.00 and $38.19 on volume of 23.95 million shares traded. Yahoo! reported revenues were GAAP revenue of $1.09 billion for the first quarter of 2016, down 14.6 percent when compared to the previous quarter and down 11.3 percent year-over-year. Shares of Yahoo! Inc. have gained approximately 14.0 percent year-to-date and are up roughly 8.0 percent in the past month.
Find out more about Yahoo! including full access to the equity report at:
Stock Theory strives to provide our members with the most up-to-date information about recent market activities. We take the hard work, time, and effort off your shoulders. We create and prove up-to-date Equity Reports and Newsletters offering unique and timely market perspectives for our members. We dive into the research while following a strict set of proven principles to uncover companies with high growth potential. For more information visit www.StockTheory.com