GE also said that it will not provide outlook beyond the coming fourth quarter, but will "provide a full-year operating framework with detail in the industrial and financial businesses." GE reiterated that its expects to post earnings of 36 cents to 42 cents a share, or 50 cents or 52 cents a share excluding charges in fourth quarter. Analysts on an average are currently expecting fourth quarter earnings of 47 cents a share. Shares of GE finished at $17.92 up 97 cents or 5.72%.
Boeing Co. (NYSE: BA) rose $3.16 or 8.16% to $41.90.
Best Buy Co. (NYSE: BBY) advanced $4.21 or 17.94% to $27.68 after its quarterly results beat Wall Street estimates. The largest consumer electronics retailer, announced that its for the third quarter ended November 29, net earnings plunged 77% to $52 million, or 13 cents a share from $228 million, or 53 cents a share in the comparable quarter a year ago. Excluding one time charges, the company earned 35 cents a share down from 53 cents it earned in the same period last year. Revenue rose 16% to $11.5 billion from $9.93 billion in the same quarter in 2007.Analysts on average were looking for company to post earnings of 24 cents a share, excluding items, on revenue of $11 billion.
Among technology, Intel Corp. (NASDAQ: INTC) advanced $1.05 or 7.2% to $15.64. Microsoft Corp. (NASDAQ: MSFT) added $1.07 or 5.62% to close at $20.11.
A release by Department of Labor on Wednesday showed consumer price index dropped 1.7% in November. The core consumer price index, which excludes food and energy, rose 2% in November. Economists had forecast a drop of 1.3% in consumer price index and a rise of 0.1% in core consumer price index.
A Department of Commerce release showed Housing Starts fell 18.9% in November to seasonally adjusted annual rate of 740,000, the lowest since the record began. Building Permits dropped 15.6% to annual rate of 616,000.
European stocks advanced. The U.K. FTSE gained 31.52 points or 0.74% to 4,309.08. The German DAX and French CAC increased 1.61% and 2.12% respectively.
Asian stocks finished mixed. The Nikkei 225 fell 96.64 points or 1.12% to 8,568.02. Hong Kong's Hang Seng Index added 83.26 points or 0.55% to close at 15,130.21.
NYMEX Crude oil for January delivery declined 77 cents, or 1.7%, to settle at $43.74 a barrel.
Disclosure: Author does not own any of the stocks discussed here.
