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Markets boosted by earnings | Calamatta Cuschieri

Earnings driving markets, Snapchat presenting next Winter Olympics and good times for IBM

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Calamatta Cuschieri
19 October 2017, 9:51am
Shares of IBM surged over 9 percent on Wednesday after the company reported better-than-expected earnings
Shares of IBM surged over 9 percent on Wednesday after the company reported better-than-expected earnings
U.S. stocks rose on Wednesday, with major indexes hitting intraday records and the Dow industrials returning above 23,000 as the latest round of corporate earnings continued to support the market. Recent trading has had a pronounced upside bias. The day’s gains were led by the financial sector, which rose 0.4%, and the health-care industry, up 0.3%. The Dow is on track for its fourth straight daily rise, as well as its 13th gain of the past 16 trading days. The S&P is set for its fourth straight daily gain, as well as its 14th positive session of the past 17.

A continued pullback in the pound helped push U.K. stocks higher, as lackluster figures on British wages may help shape the Bank of England’s monetary policy. The FTSE 100 index rose 0.4% to finish at 7,542.87, leaving it within striking distance of its record close achieved last week. The London benchmark on Tuesday shed 0.1%. Shares of high-end apparel and accessories maker Burberry Group rose 1.5%, security services company G4S PLC added 0.9%, and equipment rental company Ashtead Group PLC was up 1.4%.

 

Winter Olympics from Snapchat

Social media platform Snapchat will present Winter Olympics content at next year’s event in Pyeongchang after striking a deal with Discovery communications’ Eurosport, a move which could help the Games reach the younger demographic it craves. Discovery Communications is the exclusive TV and multimedia rights holder for 50 countries and territories in Europe for the Olympic Games from 2018-2024.

Snapchat will carry curated stories drawing on content sent in by users and also ‘Publisher Stories’ which will be magazine-like content produced by media publishers and curated by Eurosport. The partnership with Snap Inc, is for a European, multi-language deal and will see Winter Olympics content as part of Snapchat’s ‘stories’ feature. The International Olympic Committee (IOC) reported that the 2016 Rio Olympics was the first time in which the digital coverage, primarily live streaming, exceeded traditional television coverage.

 

Good results from IBM

Shares of IBM surged over 9 percent on Wednesday after the company reported better-than-expected earnings. The move lifted the Dow to record highs and would represent the most positive earnings reaction for the tech giant since 2002. It would also mark only the third time in the last 18 quarters the stock gapped higher following a report, according to Bespoke Investment Group data.

Despite Wednesday's rally, the stock is still down 4 percent this year, but some are betting the worst could be behind it. IBM has been a massive underperformer over the last several years, falling more than 20 percent since 2012 while the Dow Jones industrial average is up nearly 70 percent from that time.

 

 

Disclaimer: This article was issued by Peter Petrov, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.

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Calamatta Cuschieri is one of Malta’s largest financial services firms. The company offe...
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