Updated from 5:53 a.m. EST
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Here are five things you must know for Wednesday, Jan. 25:
1. -- U.S. stock futures were rising Wednesday and European stocks booked solid gains as corporate earnings in the U.S. drove Wall Street higher.
The Dow Jones Industrial Average postedatriple-digit gain on Tuesday for the first time in three weeks, putting the index within 90 points of the 20,000 milestone. The Dow rose 0.57%, or 112 points, to close at 19,912 on Tuesday. The S&P 500 and Nasdaq closed at fresh records after rising 0.66% and 0.86%, respectively.
Positive earnings from the likes of DuPont (DD) - Get DuPont de Nemours, Inc. Report and Alibaba (BABA) - Get Alibaba Group Holding Ltd. Report were the main drivers of gains for Wall Street on Tuesday.
Stocks in Asia rose on Wednesday as Japan's Nikkei 225 rebounded firmly, assisted by a weaker yen and solid export data.
The economic calendar in the U.S. on Wednesday includes the FHFA House Price Index for November at 9 a.m. and Crude Inventories for the week ended Jan. 21, at 10:30 a.m.
2. -- United Technologies (UTX) - Get n.a. Report posted fourth-quarter adjusted earnings of $1.56 a share, matching analysts' estimates. Revenue was $14.66 billion, falling shy of forecasts of $14.71 billion.
Earnings are also expected Wednesday from AT&T (T) - Get AT&T Inc. Report , Citrix Systems (CTXS) - Get Citrix Systems, Inc. Report , eBay (EBAY) - Get eBay Inc. Report , Qualcomm (QCOM) - Get Qualcomm Inc Report , Western Digital (WDC) - Get Western Digital Corporation Report , Boeing (BA) - Get Boeing Company Report , Freeport-McMoRan (FCX) - Get Freeport-McMoRan, Inc. Report and Hess (HES) - Get Hess Corporation Report .
San Francisco-based AppDynamics was expected to go public, with the pricing of its initial public offering set for Wednesday evening.
Cisco agreed to pay about $26 a share, The Wall Street Journal reported, citing a person familiar with the matter, which was well above the company's original price range of $10 to $12 a share.
Cisco's price nearly doubles the $1.9 billion valuation that AppDynamics' investors placed on the company in late 2015, according to the Journal.
"Applications have become the lifeblood of a company's success. Keeping those apps running and performing well has never been more important. Unfortunately, that job has only gotten harder, as IT departments and developers struggle with a tangled web of disconnected, complex data that's hard to understand," said Rowan Trollope, a Cisco senior vice president and general manager of the company's Internet of Things and Applications Business Group. "The combination of Cisco and AppDynamics will allow us to provide end-to-end visibility and intelligence from the network through to the application; which, combined with security and scale, will help IT to drive a new level of business results."
The acquisition is expected to close in Cisco's third fiscal quarter of 2017.
4. -- Fourth-quarter earnings at Novartis (NVS) - Get Novartis AG Report missed analysts' expectations but the pharmaceutical company, based in Basel, Switzerland, launched a $5 billion share buyback and said it may sell its Alcon eye care unit.
Novartis said core net income for the three months ended in December was $2.66 billion, marginally lower forecasts of $2.7 billion.
The company said it was considering a "range" of options to boost shareholder value, including the sale of the Alcon division which generated about $5.8 billion in sales last year.
"Novartis is considering options for the Alcon division," the company said. "The review will explore all options, ranging from retaining the business to separation via a capital markets transaction (e.g. IPO or spin-off), in order to determine how to best maximize value for our shareholders. The review will be conducted during the course of 2017 and in a manner such that Alcon division associates can fully focus on the unit's return to growth."
5. -- Alcoa (AA) - Get Alcoa Corporation Report reported a fourth-quarter loss of $125 million, or 68 cents a share, weighed down by restructuring charges following the company's split in November into two independent entities. But shares of the company, a producer of bauxite, alumina, and aluminum products, were rising nearly 4% in premarket trading on Wednesday after Alcoa forecast solid 4% growth in global aluminum demand in 2017.
Excluding special items, New York-based Alcoa said it earned $26 million in the fourth quarter, or 14 cents a share. Analysts had expected the company to earn 20 cents a share, according to FactSet.
Alcoa generated revenue of $2.5 billion, up 9% sequentially, which came in above a $2.385 billion consensus estimate.