DJIA and NASDAQ March Upwards
The Dow Jones Industrial Average gained 98.75 points or 0.5% to close at 19,954.28 Wednesday.
The S&P 500 Index gained 6.4 points and ended at 2,275.32.
The Nasdaq Composite Index was up 11.8 points and closed at 5,563.65.
Merck & Co., Inc. (NYSE:MRK) gained 2.85% and was the top performer in the Dow Jones Index. Other stocks that posted impressive gains were International Business Machines Corp. (NYSE:IBM) and Goldman Sachs Group Inc (NYSE:GS).
In his press conference yesterday, Donald Trump did not lay down clearly his plans to bring jobs and growth back in the economy. Healthcare stocks were pounded after Trump mentioned that there was need to control drug prices by creating new bidding procedures.
Stock Market News Today
As the markets look towards earnings, there might be some pressure on the stock rally. The following are the stocks to watch today.
Applied Optoelectronics Inc (NASDAQ:AAOI) Stock
AAOI stock skyrocketed almost 20% in pre-market trading as the company announced certain fourth-quarter preliminary unaudited financial results, which were quite impressive. The company delivered strong Q4 top and bottom line results expected to exceed its guidance. President and CEO of the optical network equipment company, Dr. Thompson Lin, said that the accelerated demand for the company’s market leading data center products and increased capacity boosted the results.
Moreover, the company continued to drive manufacturing efficiencies, which contributed to a record gross margin. Applied Optoelectronics announced revenue in the range of $84.5 million to $84.8 million, above the previous outlook of $75.0 million to $79.0 million.
Lockheed Martin Corporation (NYSE:LMT) Stock
LMT stock took a beating yesterday as president-elect Donald Trump again targeted the company over the rising costs of its “F-35” program. Last month, he had posted on Twitter that the cost of F-35 program was getting out of control and lot of changes may be expected after January 20.
The company said in its official statement that it would welcome the opportunity to address any questions that Donald Trump had about the program. The company further clarified that since the beginning, it had invested large sums of money to reduce the price of the airplane by 60%.
Trump’s statement at yesterday’s press conference does not bode well for the defense contractors who were expecting benefits from the rise in military expenditure under the Trump administration.
DragonWave Inc (USA) (NASDAQ:DRWI) Stock
DRWI stock gained over seven percent Wednesday but is down over 20% in pre-market trading as the company reported a third-quarter loss of $0.72 per share on revenue of $10.2 million.
The leading global supplier of packet microwave radio systems for mobile and access networks posted disappointing results on account of operating challenges. DragonWave president and CEO Peter Allen said that with stronger backlog, the company remains focused on eliminating these challenges in Q4 and on restoring progress on their renewal and restructuring strategy to improve revenue and margin.