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Overnight Markets: US stocks rise amid upbeat corporate earnings

by Himanshu Singh on Feb 14, 2014 at 02:47

Overnight Markets: US stocks rise amid upbeat corporate earnings

Wall Street gained on Thursday, with the Nasdaq registering gains for a sixth straight day, as investors shrugged off disappointing data on consumer spending amid better-than-forecast earnings and a $45.2 billion takeover of Time Warner Cable Inc.

The Dow Jones industrial average rose 64 points, or 0.40%, at 16,028. The Standard & Poor's 500 Index added 11 points, or 0.58%, at 1,830. The Nasdaq Composite Index was up 39 points, or 0.94%, at 4,241.

Markets opened lower but gained throughout the session. Initial claims for state unemployment benefits unexpectedly rose last week while January retail sales fell and December retail sales were revised lower.

In deal news, Comcast Corp (CMCSA.O) said it would buy Time Warner Cable Inc (TWC.N) for $45.2 billion in an all-stock deal that combines the two largest US cable operators.

Time Warner Cable shares jumped 7%, while Comcast shed 4.1%. Shares of Charter Communications Inc (CHTR.O), which had also pursued Time Warner Cable, fell 6.3%.

Goodyear Tire & Rubber Co (GT.O) surged 11.5% after it posted a higher-than-expected fourth-quarter profit on Thursday and said it had fully funded its hourly US pension plan.

On the negative side, Dow component Cisco Systems (CSCO.O) sank after the network-gear maker forecast a 6% to 8% drop in revenue in the current quarter. The stock fell 2.5%.

Whole Foods Market Inc (WFM.O) lost 7.2% as the largest US organic and natural food retailer stunned investors on Wednesday by cutting its 2014 sales forecast for the second time in three months.

After the market closed, American International Group Inc (AIG.N) rose 3.2% after it reported results and raised its dividend.

Avon Products Inc (AVP.N) shed 2.9% after the beauty products company said it may pay as much as $132 million to settle a US bribery investigation.

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