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After a huge drop in profit the previous quarter, Qualcomm Inc. bounced back with gains according to a Wednesday earnings report, and shares gained more than 5% in late trading. The San Diego mobile-chip company reported earnings of $1.2 billion, or 97 cents a share, on sales of $6 billion; after adjustments for stock-based compensation and other factors, the company reported profit of $1.16 per share. Analysts on average expected adjusted earnings of 98 cents a share on sales of $5.6 billion, according to FactSet. Shares neared $59 in late trading after closing with a gain of 1.2% at $55.82.

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From:: Stock Market News

American Express Co. shares rose nearly 2% late Wednesday as the credit card company surpassed earnings expectations. American Express said it earned $2 billion, or $2.10 a share, in the second quarter, compared with $1.42 a share in the year-ago period. Revenue hit $8.23 billion, down slightly from $8.28 billion a year ago. Analysts polled by FactSet had expected American Express to report adjusted earnings of $1.96 a share on sales of $8.28 billion. American Express said its bottom line included a $1.1 billion ($677 million after taxes) gain from the sale of its Costco co-brand card portfolio and a $232 million charge to cover its efforts to reduce costs. Shares had ended the regular trading session up 0.5%.

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From:: Stock Market News

​Shares of Intel Corp. slid in Wednesday’s extended session after the semiconductor giant’s quarterly earnings beat while revenue missed expectations slightly. Intel reported its second-quarter profit sank to $1.3 billion, or 27 cents a share, from $2.7 billion, or 55 cents a share, a year ago. On an adjusted basis, Intel would have earned 59 cents a share. Revenue edged up 3% to $13.5 billion. Analysts surveyed by FactSet had forecast the company to earn 54 cents a share on revenue of $13.56 billion. For the third quarter, Intel projected revenue of $14.9 billion, plus or minus $500 million, and gross margin of 60%, give or take a “couple of percentage points.” Intel shares fell 3% in after-hours trading.​

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

U.S. stocks ended higher Wednesday, buoyed by a surge in tech stocks after a flurry of corporate earnings beat investors’ lowered expectations. The Dow industrials rose 36.16 points, or 0.2%, to 18,595.1, setting a closing record for the seventh day in a row. The blue-chip gauge was boosted by a 5.3% rise in Microsoft Corp. . The S&P 500 rose 9.24 points, or 0.4%, to close at 2,173.02, also an all-time closing high, led by a 1.4% gain in tech stocks. Utilities were leading the losses, down 0.5%. The Nasdaq gained 53.56 points, or 1.1%, to finish at 5,089.93, its highest close of the year.

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From:: Stock Market News

Former U.S. Attorney General Eric Holder is joining Airbnb, the home rental company, to come up with an anti-discrimination policy for the platform, the company said Wednesday. In a blog post, Brian Chesky, the company’s chief executive, said the hire comes as Airbnb works to fight “bias and discrimination” on the platform, a concern that users had expressed to the company. “While we have a policy that prohibits discrimination, we want this policy to be stronger,” he wrote in a blog post. Laura Murphy, a former executive with the American Civil Liberties Union, is leading a review process on bias and discrimination that the company began in June.

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From:: Stock Market News

Gold futures settled lower Wednesday, at their lowest level in about three weeks, as some strength in the U.S. dollar and equities drew investors’ attention away from the precious metal. Gold for August delivery fell $13, or 1%, to settle at $1,319.30 an ounce. That was the lowest finish since June 28, according to FactSet. September silver, meanwhile, fell 39.4 cents, or 2%, to end at $19.613 an ounce–a level not seen since July 1.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News