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Stocks Edge Higher on Release of Beige Book and Ahead of Jackson Hole Speech (YELP, C)

By: , dated August 29th, 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.

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