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Stocks Edge Higher in Early Trading

Wednesday, January 23, 2013 11:15 AM
U.S. stocks edged higher during early trade on Wednesday as market sentiment was bolstered by continued barrage of better than expected quarterly results from S&P bigwigs. At last check, the Dow Jones Industrial Average Index gained 0.45%; the NASDAQ Composite Index edged up 0.43%while the S&P 500 Index was inching up 0.03%. Despite both quarterly earnings and revenue surpassed Street’s expectation, shares of world’s largest burger chain McDonald’s Corporation (NYSE: MCD) were nearly flat in the early trade as the company gave cautious outlook on the current quarter. Shares of leather goods retailer, Coach Inc. (NYSE: COH) slumped after the company’s reported sales in the holiday season quarter fell short of analysts’ expectations, due to weakness in the economy and intensifying competition in North American market which impacted sales. Shares of United Technologies Corp. (NYSE: UTX) gained after the company announced fiscal fourth-quarter earnings that bettered Street’s consensus estimate even though revenue fell slightly short of expectation. Google Inc. (NASDAQ: GOOG) shares leaped on Wednesday after the search engine giant, late on Tuesday reported strong revenue growth in its ‘core internet’ business even as declining trend of click-ad rates slowed down in the quarter. Following the closing bell, another tech giant, Apple Inc. (NASDAQ: AAPL) is scheduled to report quarterly results. Map Pharmaceuticals (NASDAQ: MAPP) shares rallied on Wednesday after the company agreed to be acquired by Allergan Inc. (NYSE: AGN) in an all cash deal valued at $958 million. Shares of Allergan were trading lower, at last check. No major U.S. economic data is due on Wednesday. In some other market, crude oil futures slipped 0.14% to $96.54 a barrel while gold futures for February delivery slipped 0.06% to $1692.10 an ounce. Elsewhere in Europe, equities traded mainly higher with Pan European Stoxx 600 inching up 0.03%, FTSE 100 gaining 0.18% while DAX adding 0.08%.  

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