(Updates from 2:57 p.m. ET with closing information.)
NEW YORK (TheStreet) -- Electronic Arts (EA), the biggest gainer on the S&P 500, was surging 15.54% to $21.27 after predicting Tuesday that full-year earnings would come in above analysts' estimates after announcing a multi-year deal with The Walt Disney Co. (DIS), the world's largest entertainment company, to develop new "Star Wars" video games.
EA's price target and estimates were increased at UBS Wednesday with analysts writing that the estimates were raised to reflect operating margin expansion, cost controls and free cash flow optimization, and that the price target moved up to $20.
EA rival Activision Blizzard (ATVI), whose franchises included "Call of Duty" and "Skylanders," was gaining 2.68% to $15.34 ahead of its first-quarter earnings report after the markets close Wednesday. Analysts surveyed by Thomson Reuters estimate that the company's earnings about doubled from last year.
WebMD (WBMD) was jumping 12.82% to $28.78 and a trending stock on Google Finance after health information provider on Tuesday posted a smaller first-quarter loss of 3 cents a share, an improvement from a loss 14 cents a share a year ago. Also, WebMD forecast full-year revenue of $450 million to $470 million, exceeding the average analyst estimate of $444.6 million, according to a Thomson Reuters poll. The company also announced a number of executive changes, saying CEO Cavan Redmond will be stepping down and that senior vice president of strategic and corporate development David Schlanger will be serving in his place temporarily. Current senior vice-president of finance Peter Anevski will replace Anthony Vuolo as CFO, the company said. Shares of Cognizant (CTSH) was surging 4.12% to $67.57 Wednesday, boosted by the services specialist's better-than-expected first-quarter results and guidance. For the second quarter, Cognizant expects revenue of at least $2.13 billion and earnings, excluding items, of $1.06 a share. Analysts surveyed by Yahoo! Finance were expecting sales of $2.11 billion and earnings of 97 cents a share.
Tesla (TSLA), which reports its first-quarter results after market close, rose 1.96% to $56.60. Fusion-IO (FIO) was a trending topic on Google Finance. Shares were plunging 22% to $14.10 after the server computer acceleration technology vendor announced David Flynn resigned as CEO and co-founder Rick White stepped down as chief market officer so they could pursue "entrepreneurial investing activities." The press release said that Shane Robison, a former Hewlett-Packard (HPQ) chief strategy and technology officer, has been named chairman and CEO, effective immediately. Symantec (SYMC) was a loser, tumbling 4.06% to $24.08 after reporting its fourth-quarter results on Tuesday. The software maker's shares were weighed down by its shrinking profit. TripAdvisor (TRIP) was slumping 3.02% to $53.36 after the online travel company beat first quarter estimates Tuesday, but investors were apparently worried about how the company's increasing dependence on its travel metasearch service would impact near-term revenue.
Other popular trending stocks on Google Finance were AOL (AOL) and ValueClick (VCLK). ValueClick was plunging 16.23% to $26.59 after the digital marketing company on Tuesday predicted second-quarter revenue that fell short of analyst expectations. Cantor Fitzgerald analyst Youssef Squali on Wednesday cut the stock to hold from buy and price target to $31 from $32, citing his worry about "decelerating" top-line growth. AOL was dropping 9.44% to $37.52 after the online media company posted first-quarter profit of 32 cents a share, missing estimates by a penny. The company beat on revenue expectations, driven by a rise in display advertising sales. Follow @atwtse
Closing prices: EA rose 17.1% to $21.56, ATVI rose 2.1% to $15.26, WBMD was up 9.5% to $27.94 and CTSH rose 5% to $68.15. TSLA rose nearly 1% to $55.79, FIO plummeted 18.9% to $14.60 and SYMC ended the day 2.4% lower at $24.49. TRIP fell 4.6% to $52.49, VCLK dropped 15.9% to $26.71 and AOL ended Wednesday down 8.9% to $37.74. -- Written by Andrea Tse in New York >To contact the writer of this article, click here: Andrea Tse.
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