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- Before the bell: Techs set to lead stock rally
Before the bell: Techs set to lead stock rally
Strong earnings from the technology sector have investors in high spirits Wednesday, with expectations of a strong start to the trading session.
Tech leaders Intel (INTC, Fortune 500), IBM (IBM, Fortune 500) and Yahoo (YHOO, Fortune 500) all beat Wall Street estimates when they reported their latest quarterly earnings after the close Tuesday.
In premarket trading, Yahoo shares surged 4%, Intel rose 6% and IBM slipped 1%.
Companies: Technology investors are eagerly awaiting results from Apple (AAPL, Fortune 500), which reports after Wednesday's closing bell.
Apple earnings are expected to jump to $5.35 a share, bolstered by sales of the Verizon iPhone and the iPad.
United Technologies (UTX, Fortune 500) reported quarterly earnings of $1.11 per share, up 19% from a year earlier. The aerospace and machinery maker's stock jumped nearly 3% in premarket trading.
Another Dow component, AT&T (T, Fortune 500), posted higher net income that was in line with expectations. The phone service provider edged higher in premarket trading.
Wells Fargo (WFC, Fortune 500) reported quarterly net income of $3.8 billion, up 48% from a year earlier. The stock dipped 1.8% in premarket trading.
Economy: The National Association of Realtors will report the latest existing home sales a half hour after the opening bell. Economists are looking for existing home sales to rise by 5 million annualized units.
The Energy Information Administration will report its latest data on U.S. crude oil inventories.
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