Stocks Edge Higher on Corporate Earnings News

October 21, 2009 6:45 AM |
Investors added to their positions on the heels of corporate earnings reports.  Oil prices settled near the $78 a barrel mark as inventories rose.   The Dow rose 20 points to 10,061 while Nasdaq surged 12 points to 2175.

On the upside

Wells Fargo (NYSE: WFC) posted higher 3rd quarter profits which offset rising loan losses.

Continental Airlines (NYSE: CAL) trimmed its losses in the 3rd quarter even as revenues fell sharply due to reduced business travel.  Expenses were contained by lower oil prices. 

Shares of Yahoo (Nasdaq: YHOO) surged higher after the Internet portal and search engine company posted higher earnings on lower revenues.

On the downside

Boeing (NYSE: BA) posted a $1.6 billion loss due to delays in shipping its 787 and updated 747 passenger airplanes.

Drugmaker Eli Lilly & Co. (NYSE: LLY) posted higher earnings and raises its profit outlook for the 2nd time this year.  However, investors worried about slowing sales.

Knight Capital (Nasdaq: NITE) posted higher revenues a 3rd quarter profit that missed estimates.  Transactions costs trimmed margins for the electronic trading services provider.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 4 points to 617.

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