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Apple Inc.’s stock surge could be the sole reason for the Dow Jones Industrial Average’s early gain on Wednesday, which might be enough to propel the blue-chip index above the 22,000 milestone at the open. Apple’s stock ran up $8.46, or 5.7%, in premarket trade into record territory, after the technology giant reported late Tuesday second-quarter profit and revenue that beat expectations. That price gain would add about 58 points to the Dow, and Dow futures were recently up 37 points. Adding that to Tuesday’s closing price of 21,963.92 would put the Dow about 1 point above the new milestone.

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Shares of cinema chain AMC Entertainment Holding Inc. were down more than 25% in premarket trade on Wednesday after the company warned that it expects to swing to a loss when it reports second-quarter earnings after the bell on Aug. 7. AMC announced cost reductions and said it expects revenue for the second quarter to be in the range of $1.200 billion and $1.204 billion, compared with revenue of $764 million last year. Analysts surveyed by FactSet expected AMC to report $1.233 billion in revenue. The company said it expects to report a loss of between $178.5 million and $174.5 million after reporting earnings of $24.0 million in the same quarter a year ago. FactSet is expecting a loss of $5.0 million. B. Riley analyst Eric Wold, while acknowledging he’s been on the wrong side of the trade for months, said he maintains a buy rating on AMC. He remains positive on AMC and the cinema group during what he said is likely a short-term box office blip. Analysts at RBC Capital said they need proof. “We were low on the street for the second quarter, we expected weakness due to higher costs, so the results don’t change our fundamental view,” the analysts wrote in a note to investors. “Valuation is attractive on management’s guide, however, we see risk that AMC will be a ‘show me’ story until negative newsflow subsides.” AMC shares have dropped more than 38% in the year to date and more than 25% in the trailing 12-month period. By comparison, the S&P 500 index is up nearly 11% in the year and close to 15% in the last 12 months.

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SodaStream International Ltd. rose 2.6% in Wednesday premarket trading after the company reported second-quarter earnings and revenue that beat expectations. Net income was $14.4 million, or 64 cents per share $7.2 million, up from $7.8 million, or 37 cents per share, for the same period last year. The FactSet consensus was 53 cents. Revenue was $130.6 million, up from $119.2 million, and ahead of the $129.0 million FactSet consensus. SodaStream shares are up more than 45% for the year so far while the S&P 500 index is up 10.6% for the period.

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PharMerica shares were halted in pre-market trading Wednesday on news the company would be acquired. The hospital and pharmacy services company reported net income of $4.7 million, or 15 cents per share, in the second quarter, compared to $2.5 million or 8 cents per share, in the year-ago period. Adjusted per-share earnings were 47 cents, the same as a year ago, and matching the FactSet consensus. The stock, which is flat for the year compared to a 10.6% gain for the S&P 500 [s:spx], was halted after the announcement. A newly-formed company controlled by KKR [s:kkr] and with a minority investment from Walgreens Boots Alliance [S: WBA], will take PharMerica private. The company has cancelled all upcoming earnings conference calls and will no longer issue guidance.

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Mondelez International Inc. shares rose 1.2% in Wednesday premarket trading after the food company reported earnings that beat estimates, a dividend increase, and a new CEO. Mondelez had second-quarter net income of $498 million, or 32 cents per share, up from $464 million, or 29 cents per share, for the same period last year. Adjusted EPS was 48 cents, beating the 46-cent FactSet consensus. Sales totaled $5.99 billion, down from $6.30 billion and below the $6.00 billion FactSet consensus. The company maintained its 2017 guidance for double-digit adjusted EPS growth on a constant-currency basis. Mondelez raised its dividend by 16% to 22 cents. The company also announced that Dirk Van de Put will become chief executive, effective November 2017. He joins from McCain Foods, where he is chief executive. He succeeds Irene Rosenfeld, who will continue as chairman of the board until Mar. 31, 2018, at which point she will retire. Mondelez shares are down 1.6% for the year so far while the S&P 500 index is up 10.6% for the period.

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Molson Coors Brewing Co. reported a second-quarter net profit of $323.3 million, or $1.49 a share, up from $172.3 million, or 80 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.66, below the FactSet consensus of $2.12. Revenue rose to $3.09 billion from $986.2 million, just shy of the FactSet consensus of $3.10 billion. Pro forma 2016 net EPS was $1.44 and revenue was $3.11 billion. The beer brewer said worldwide brand volume rose 2.3% to 26.4 million hectoliters, while net sales per HL fell 0.2% to $109.08. In the U.S., sales-to-retailers volume fell 1.9%, as lower volume in Premium Light and Below Premium offset growth in Above Premium. The stock slumped 1.3% in light premarket trade. It has dropped 8.3% year to date through Tuesday, while the S&P 500 has gained 10.6%.

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A U.S. appeals court ruled Tuesday that Democratic states can defend Obamacare subsidy payments to health insurers, which President Donald Trump has threatened to cut off. The U.S. Court of Appeals for the District of Columbia granted a motion filed by the 16 state attorneys general, led by California and New York, can intervene in a convoluted legal fight dating back to 2014 on whether the federal government can block subsidy payments to insurers. In effect, the ruling could make it harder for the Trump administration to end subsidy payments without facing a legal battle. The subsidy payments compensate insurance companies for some out-of-pocket medical expenses for low-income consumers, without which the insurance marketplace could collapse.

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Snap Inc. may be about to bolster its drone business as it is in acquisition talks with China-based Zero Zero Robotics, according to a report Tuesday by The Information. In May, Snap reportedly bought struggling drone startup Ctrl Me Robotics Inc. for less than $1 million. Zero Zero is known for its line of $500 selfie drones, which use facial recognition to take photos mid-flight. The report did not mention a price for a possible purchase, but Zero Zero said in 2016 it had raised $25 million in funding. Snap has had a rough ride since its IPO; shares are down 26% in the past month, and down more than 46% since going public in March.

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The Justice Department intends to use investigate and potentially sue universities over affirmative-action admissions policies that put white students at a disadvantage, according to a report late Tuesday by the New York Times. The sharp turn in the department’s civil rights division will focus on “intentional race-based discrimination,” according to documents obtained by the Times. Affirmative-action policies can sometimes give generally disadvantaged groups, such as African Americans and Latinos, an edge over white students. The U.S. Supreme Court has ruled that race may be used as a factor in college admissions, but just how much of a factor is up for debate.

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From:: Stock Market News