U.S. stocks recovered sharply to swing back into green territory by mid-day trading as continued avalanche of strong earnings reports overshadowed concerns over Spain and Italy.
At last check, the Dow Jones Industrial Average Index added 0.07%; the NASDAQ Composite Index inched up 0.08% while the S&P 500 Index ticked higher 0.06%.
Shares of Apple Inc. (NASDAQ: AAPL
) gained after Bill Miller, a globally renowned mutual fund manager said in an interview to the Financial Times that iPhone maker’s enterprise value could jump 50% if it is able to manage $137 million on its balance sheet and channels future free cash flows towards dividends.
Ralph Lauren Corp. (NYSE: RL
) shares rallied almost 8% by mid-day trade after the apparel retailer’s holiday quarter sales and earnings surprised the Street. The improvement was attributed to robust demand in Americas and Europe.
C. H. Robinson Worldwide Inc. (NASDAQ: CHRW
) shares slumped nearly 10% by mid-day trading session after the multimodal transportation services provider’s quarterly earnings failed to match Street’s expectation even as Jefferies slashed its price target on the stock.
Shares of online social gaming company Zynga Inc. (NASDAQ: ZNGA
) rallied on Wednesday after it reported better-than-expected revenue in the fiscal fourth quarter while net losses also narrowed thanks to aggressive cost cutting measures. After going through a very rough patch in fiscal 2012, Company’s CEO said that fiscal 2013 will be a “pivotal transition year" for Zynga as it looks to gain traction in mobile gaming business.
Directory services and social networking website, Yelp Inc. (NYSE: YELP
) is scheduled to report quarterly earnings after closing bell.
Elsewhere in Europe, mainly all leading benchmark indexes ended lower on Wednesday as investors wait for the European Central Bank’s policy rate statement on Thursday. The Pan European Stoxx 600 Index lost 0.36%, the FTSE 100 gained 0.20% while DAX plunged 1.09%.