Wendy’s Rallies After Better-Than-Expected Results – Acadiana Business Index
- The Dow Jones Industrial Average was up 22 points to 15,567, the S&P 500 gave up 3 points to 1692 and the NASDAQ fell 21 points to close at 3579.
- Stocks were choppy throughout the session as investors digested a batch of mixed earnings and a disappointing result in the Richmond Fed’s report on July manufacturing activity.
- Looking at earnings, Netflix gave up 4.5% to $250.26 after the company topped analysts’ expectations but saw weaker-than-expected subscriber growth. On the upside, Wendy’s rallied 8.2% to $7.23 after the company reported better-than-expected results. Shares of Apple closed the session 1.7% lower at $418.99 ahead of their earnings which are scheduled to be released this evening. On the M&A front, cyber security firm Sourcefire rallied 27.8% to $75.49 on news that it was being acquired by Cisco.
- Composite volume on the NSYE was 3.1 billion shares with advancing issues besting decliners by a 4-3 margin. The NASDAQ was 9-8 negative on issues.
- Turning to fixed income markets, Treasuries were lower along the curve. The benchmark 10-year note was down 7/32 to yield 2.51% and the 30-year bond was off by 1/2 of a point to yield 3.58%.
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