Stocks Edge Higher on Release of Beige Book and Ahead of Jackson Hole Speech (YELP, C)
PUBLISHED ON: Aug 29, 2012
Despite a light trading volume, US indices were up on Wednesday on positive housing data and Bernanke's speech on Friday. The Fed's Beige Book, released today, gave a slightly better outlook on the US economy. Making news was WellPoint Inc. (WLP), whose CEO resigned and saw shares climb almost 8%. Heinz (HNZ) posted a 14% increase for its quarterly net income but missed revenue expectations from Wall Street and Yelp (YELP) shares were up after a release of almost 53 million shares from its IPO lockup.In after-hours trading both Pandora Media Inc (P) and TiVo Inc. (TIVO) saw shares rise as well. Crude oil futures ended lower due to fading concerns over Hurricane Isaac's impact on energy production.
Word on the Street
- US economic growth at a weak 1.7% for the April-June quarter, numbers likely to remain low.
- Bank of America (BAC) is lagging other banks in modifying mortgage loans under the US foreclosure settlement.
- Citigroup (C) agrees to pay $590 million to settle subprime lawsuit.
- Shares jump after CEO Angela Braly steps down from WellPoint Inc. (WLP).
- The Fed releases their Beige Book on Wednesday; sees improvement in housing and retail sales.
- Draghi of the ECB aims to dispel German concerns and affirms he will do whatever is necessary to ensure stability.
- Online site Yelp Inc. (YELP) sees its biggest climb with shares soaring over 20%.
- Lexmark (LXK) Soars After Announcing Exit From Printer Business.
- CEO of 37Signals explains his company's business model and why they are making millions.
- Six of Inc. 500's fast growth businesses out getting their hands dirty.
Posted in ...Daily Market Commentary