Stocks Climb as Apple Shares Rebound
In corporate news, Broadcom (BRCM) lifted its outlook for fourth-quarter revenue on Wednesday to a range of $2 billion to $2.1 billion, from its previous range of $1.95 billion to $2.1 billion.
The chipmaker cited better-than-expected results in its wireless division. Shares rose 3.2%.
Smithfield Foods (SFD), a meat producer, posted fiscal second-quarter adjusted earnings of 61 cents a share on revenue of $3.23 billion, compared with the average analyst estimate of 44 cents a share on revenue of $3.3 billion.
Sales fell short as higher volumes in all segments were more than offset by lower meat and live hog prices. Shares added 0.35%.Lululemon Athletica (LULU), the athletic apparel maker, predicted a big slowdown in same-store sales growth, estimating a high single-digits increase in the current quarter, compared with growth of 26% the same quarter last year. The company posted Thursday third-quarter profit of 39 cents a share on revenue of $316.5 million versus the consensus forecast of profit of 37 cents a share on revenue of $305.1 million. Shares increased 7.2%. Walter Energy (WLT) shares tacked on 5.3% after reports said that BHP Billiton (BHP) is considering an all-cash bid for the U.S. coal producer. Epoch Holding ( EPHC) shares soared 26% after the investment manager said it has agreed to be bought by TD Bank for about $668 million in cash. Zynga ( ZNGA) shares jumped 7.8% as the online game company filed paperwork with the Nevada Gaming Control Board as it tries to enter the "real-money" gambling market. -- Written by Andrea Tse and Joe Deaux in New York.
>To contact the writer of this article, click here: Andrea Tse. Follow @Commodity_Bull
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts