Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average finished slightly down after IBM (IBM - Get Report) posted lighter-than-expected first-quarter revenue and mixed guidance, while UnitedHealth Group (UNH - Get Report) tumbled for a second day on concerns regarding the debate over Medicare-for-All proposals.
- Qualcomm (QCOM - Get Report) surged after settling its long-running dispute with Apple (AAPL - Get Report) .
- Intel (INTC - Get Report) climbed after announcing it was dropping out of the 5G modem business.
Wall Street Overview
Ironically, Young added, the healthcare sector is expected to deliver 5 1/2% earnings growth in 2019, well ahead of the 3.2% expected for the Russell 1000 large-cap index.
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Netflix (NFLX - Get Report) said it added 9.6 million paid streaming subscribers in the first quarter, beating guidance of 8.9 million, but its outlook for the second quarter disappointed and the stock fell 1.3% to $354.74 on Wednesday.
Shares of Sprint (S - Get Report) and T-Mobile US (TMUS - Get Report) fell after a report suggested the Justice Department won't approve their merger as currently structured. Justice Department officials are balking at approving the $26.5 billion acquisition of Sprint by T-Mobile over antitrust concerns, The Wall Street Journal reported, citing unnamed sources. Sprint was down 6.2% to $5.64, while T-Mobile fell 2.2% to $72.46.
Shares of United Continental Holdings (UAL - Get Report) gained 4.8% to $89.24 after the parent company of United Airlines reported first-quarter earnings that surpassed analysts' forecasts and reiterated its full-year guidance.
Shares of railroad transportation company CSX (CSX - Get Report) rose 4% to $78.94 after the company reported strong first-quarter earnings, thanks to increases in freight delivery traffic and declining costs.
Shares of Abbott Laboratories (ABT - Get Report) were down 4.6% to $72.88 even though the drug company and medical device maker reported first-quarter earnings that topped its own forecast, and analysts' estimates.
In economic news, the U.S. and China tentatively scheduled additional face-to-face meetings in an effort to have a signing ceremony in late May or early June, the Wall Street Journal reported.
The U.S. trade deficit fell for the second straight month in February, dropping 3.4% to $49.4 billion, the lowest since June. Exports climbed 1.1% to $209.7 billion. Imports rose 0.2% to $259.1 billion. The goods deficit with China dropped 28.2% to $24.8 billion. Exports to China rose 18.2% to $8.4 billion. Imports from China fell 20.2% to $33.2 billion.
"President Trump will be happy with the update," said David Madden, a market analyst at CMC Markets U.K. "The reduction in the trade gap was partially down to a surge in aircraft sales, and in light the Boeing disaster, the number might look different next month."