Stock futures little changed after mixed earnings results

FAN Editor

Investors were cautious after Ebay forecast third-quarter profit below analysts’ estimates.

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Earnings from International Business Machines lifted its revenue in the second quarter.

Dow Jones futures were lower by 0.09%. The S&P 500 were down 0.17% and the Nasdaq Composite was off 0.16%.

IBM’s revenue rose 3.7% from a year earlier to $20 billion, the company’s third consecutive quarter of revenue growth. Analysts polled by FactSet had expected $19.9 billion in revenue.

Shares of eBay were down 2 percent at $37.21 in after-hours trading.

The company forecast third-quarter adjusted profit of 54 cents-56 cents per share and revenue of $2.64 billion to $2.69 billion. Analysts on average were expecting a profit of 56 cents per share and revenue of $2.66 billion, according to Thomson Reuters I/B/E/S.

The company also lowered its full-year revenue forecast to between $10.75 billion and $10.85 billion from $10.9 billion and $11.1 billion previously.

U.S. stocks posted mixed results in a tight range Wednesday as the blue-chip Dow Jones Industrial Average and the broader market edged up but the tech-heavy Nasdaq Composite was mostly level.

The Dow rose 79.4 points, or 0.32%, to 25,199.29. The S&P 500 added 6.07 points, or 0.2%, to 2,815.62. The Nasdaq edged less than a point lower to 7,854.44.

Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 25199.29 +79.40 +0.32%
SP500 S&P 500 2815.62 +6.07 +0.22%
I:COMP NASDAQ COMPOSITE INDEX 7854.4436 -0.67 -0.01%

Call it a day of records for Google parent Alphabet. After being hit with a record $5 billion antitrust fine by the European Union, shares of the giant search engine soared Wednesday to a record.

European regulators say Google unfairly favored its own services by forcing smartphone makers to pre-install Android apps. Google will appeal.

Two Dow companies – Travelers in the morning and Microsoft after the bell – report earnings on Thursday, along with a handful of other names including Philip Morris, Union Pacific as well as financial firms Bank of New York Mellon and KeyCorp.

Just over 10% of the companies in the S&P 500 have reported earnings this season, but so far the results are well ahead of expectations.

On the economic calendar, traders will get the weekly report on jobless claims and the monthly report on durable goods.

In Asian markets, China’s Shanghai Composite lost 0.5%.

Hong Kong’s Hang Seng climbed 0.1%.

Japan’s Nikkei ended the day down 0.13%.

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