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Stocks Close Mixed as Coach, IBM Underscore High Valuations, Netflix Impresses

NEW YORK (TheStreet) -- U.S. stocks finished on a cautious note Wednesday, with the S&P 500 just managing to eke out gains, as corporate earnings reports came in mixed.

  • The S&P 500 was up just 0.06% to 1,844.86, while the Dow Jones Industrial Average was down 0.25% to 16,373.34. The Nasdaq was higher by 0.41% to 4,243, buoyed by gains in Apple (AAPL)as Carl Icahn tweeted that he has been buying additional Apple stock over the past two weeks.

  • "Given the mixed bag in earnings and some disappointments, investors are really in a wait and see mode before making any additional commitment to the asset class," said Lon Erickson, the Santa Fe, New Mexico-based money manager at Thornburg Investment Management. Thornburg oversees about $90 billion.

  • Netflix (NFLX)was surging more than 14% to $380.62 after exceeding Wall Street's fourth-quarter EPS and revenue expectations. The company surpassed 33 million domestic streaming subscribers during the period.

  • Coach (COH) tumbled 6.11% to $49.34 after missing fourth-quarter earnings per share estimates by five cents at $1.06. Same-store sales plummeted 13.6%.

  • Norfolk Southern (NSC) popped 5.01% to $93.15 after posting a fourth-quarter earnings increase of 24%, topping estimates.

  • IBM IBM shed 3.28% to $182.42 after the company on Tuesday reported fourth-quarter earnings that beat expectations, but revenues that came in light. Upbeat software and cloud performance helped offset the continued drag from its hardware units.

  • Markets closed mixed Tuesday after lackluster results for companies such as Travelers (TRV), Johnson & Johnson (JNJ) and Verizon (VZ).

-- Written by Andrea Tse and Jane Searle in New York.

Stock quotes in this article: ^DJI, ^GSPC, ^IXIC, NFLX 

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