This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Market Today: S&P 500 Gets Earnings Lift and Pushes to a Record High

NEW YORK (TheStreet) -- U.S. stocks were mixed Wednesday as investors digested a barrage of earnings reports from companies such as Apple (AAPL) and PepsiCo (PEP).

PepsiCo shares were popping nearly 4% to $92.48 after the beverage and snacks giant booked stronger-than-forecast earnings and raised its full-year profit outlook. Delta Air Lines (DAL - Get Report) was adding on more than 3% to $38.80 after reporting that quarterly net income rose 17% to $801 million as passenger revenue increased 9.1% to $9.27 billion. Apple shares were gaining 0.82% to $95.50 after earnings in the quarter ended June 28 rose at the highest rate in nearly two years as the tech giant sold 35.2 million iPhones during the period.

The S&P 500 was higher by 0.1% to 1,985, a record high. The Dow Jones Industrial Average was trading sideways at 17,098.09. The Nasdaq was ticking up 0.34% to 4,471.02.

TheStreet's Susannah Lee has Wednesday's opening bell action on Wall Street:

WATCH: More market update videos on TheStreet TV

Aerospace giant Boeing (BA - Get Report) hiked its 2014 earnings per share outlook to between $7.90 and $8.10 from its previous forecast of $7.15 to $7.35. Net earnings for the second quarter increased by 52% to $1.65 billion as its backlog remained strong at $440 billion with more than 5,200 commercial airplane orders.

Microsoft (MSFT) on Tuesday evening reported fiscal fourth-quarter earnings that beat Wall Street expectations.

July 23 Premarket Briefing: 10 Things You Should Know

Stock Market Today: S&P 500 in Record-Marking Zone as Chipotle, Comcast Boost Profits

U.S. stocks moved back into record-making territory on Tuesday as positive earnings overshadowed continued unease in Eastern Europe and the Middle East. Boosting the index, Chipotle (CMG), Comcast (CMCSA) and Verizon (VZ) gained following better-than-expected earnings reports.

S&P Capital IQ reported that S&P 500 second-quarter earnings growth is now expected to come in at 7% year over year, with earnings per share of $28.80. All 10 sectors are anticipated to have grown the second quarter.

Meanwhile, a report from Yardeni Research said that S&P 500 forward earnings rose to a record high last week and have risen in 23 of the past 24 weeks. The S&P 400 has been up for 15 weeks and at a record high for the past 13 weeks. The S&P 600 has been at a record high for seven weeks after rising for nine consecutive weeks.

AT&T (T) and Facebook (FB) will be reporting after the markets close. AT&T is expected by Wall Street to post second-quarter earnings of 63 cents a share on revenue of $33.22 billion. Social networker Facebook, which has worked to shift its business to mobile, is expected by Wall Street on Wednesday to report second-quarter earnings of 32 cents a share on revenue of $2.81 billion.

Herbalife (HLF) was also drawing attention. Activist investor Bill Ackman denounced the weight loss and nutritional supplements company as a pyramid scheme in a three-hour presentation on Tuesday, but Wall Street shrugged off his criticism and sent the company's stock soaring more than 25% to $67.77. Shares were down 3.93% to $65.07 in early trades Wednesday.

-- By Andrea Tse in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BA $134.80 0.00%
DAL $41.67 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs