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Stocks Close Higher Amid Earnings; Coach (COH) Tumbles

 January 23, 2013 04:34 PM

(By Balachander) U.S. stocks ended higher, buoyed by a set of better-than-expected earnings reports from major companies and the House voted to temporarily extend the nation's debt ceiling.

The S&P 500 Index rose 0.15 percent to end at 1,494.78. The Dow Jones Industrial Average gained 0.49 percent to finish at 13,779.17. The Nasdaq Composite Index added 0.33 percent to close at 3,153.67.

The U.S. House voted 285 to 144 to approve a bill to extend the $16.4-trillion borrowing limit until May 19. The White House has supported the bill.  


Apple Inc. (NASDAQ: AAPL) is expected to post earnings of $13.44 a share on revenue growth of 18 percent to $54.7 billion for the three months ended December. Shares closed 1.86 percent higher.

[Related -Cree, Inc. (CREE) Q2 Earnings Preview: What To Expect?]

Google Inc. (NASDAQ: GOOG) surged 5.50 percent after the search-engine giant posted a 6.6 percent rise in quarterly earnings on a 36 percent revenue growth.

IBM (NYSE: IBM) jumped 4.41 percent after the information technology (IT) giant reported better-than-expected quarterly earnings and revenue and issued an upbeat forecast.

[Related -International Business Machines Corp. (IBM): What To Watch In Q3 Results?]

Coach Inc. (NYSE: COH) tumbled 16.36 percent after the designer of handbags posted quarterly results that missed market expectations amid challenging holiday season in North America.

Cree Inc. (NASDAQ: CREE) soared 22.05 percent after the maker of light-emitting diode products posted a jump in quarterly earnings amid surging demand and the company issued an upbeat guidance.

Quest Diagnostics Inc. (NYSE: DGX) lost 5.53 percent after the company reported a lower fourth quarter profit that missed Wall Street estimates by a penny as Hurricane Sandy and restructuring charges weighed on results. The company also guided 2013 earnings and revenue below Street view.

Advanced Micro Devices Inc. (NYSE: AMD) surged 11.43 percent after quarterly results from the chip maker came in better than market projections.

Map Pharmaceuticals Inc. (NASDAQ: MAPP) spiked 58.60 percent after the company agreed to be acquired for $958 million by Botox maker Allergan Inc. (NYSE: AGN).  

Global Markets

European markets ended mixed, with Germany's DAX up 0.15 percent to close at 7,707.54. France's CAC40 dropped 0.40 percent to finish at 3,726.17. The U.K.'s FTSE 100 advanced 0.30 percent to end at 6,197.64.

Asian markets closed mixed, with China's Shanghai Stock Exchange Composite Index up 0.25 percent to close at 2,320.91. Japan's Nikkei 225 fell 2.08 percent to finish at 10,486.99. Hong Kong's Hang Seng Index shed 0.10 percent to end at 23,635.10. India's BSE Sensex ended 0.23 percent higher at 20,026.61.     

Commodity & Currency Scan

Crude oil futures dropped 1.08 percent to $95.64 per barrel and natural gas futures dipped 0.08 percent to $3.56 per million metric British thermal units. Gold futures fell 0.44 percent to $1,685.70 per ounce while silver futures advanced 0.29 percent to $32.27 per ounce.

In the currency market, the euro slid 0.03 percent against the U.S. dollar at 1.3318. The British pound inched up 0.04 percent against the greenback to 1.5845, while the dollar fell 0.01 percent against the Japanese yen to 88.7000.

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