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Magic turnaround on Wall Street

Tuesday, Apr 15, 2014 - 02:02

April 15 - Summary: Stocks beat back declines to finish higher in another choppy session with help from Coke, J&J earnings; Yahoo beats after the bell, but Intel results mixed; Twitter flies against troubled time for tech. Conway G. Gittens reports.

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Up arrows just don't tell the whole story on a day where the Dow bounced between a hundred-point win and a hundred-point loss. At one point the beating was so severe for the Nasdaq that it was down nearly 10 percent from its March high, a level described on Wall Street as a correction. But the battle between those pocketing gains from last year's high flyers and those waiting to snap up those names on the cheap went to the buyers. The Dow, The S&P 500 and the Nasdaq all turned around by the end of the day. Coca-Cola side-stepped the volatility. A pick-up in advertising aimed at emerging markets like China - leading to a pick-up in sales, which offset weak demand in developed nations where consumers are switching to healthier options. First quarter results - not as bad as feared - leading to a 3.7 percent jump in the stock. Johnson and Johnson, another Dow component, easily topped forecasts thanks to strong demand for new drugs. Shares of J&J were up more than two percent on the day Twitter was another session winner. It's buying social data provider Gnip for an undisclosed amount, in a bid to beef up its data analytics business. Twitter rallied 4.6 percent to its highest close since April 1st. Turning to after-the-bell results, Yahoo sales fell last quarter but still beat estimates, as did earnings excluding special items. Paid clicks, price per click, and number of ads sold all up for the quarter, but the price per ad was lower. Yahoo says it now has more than 430 million mobile active monthly users across its various platforms. Meanwhile, net profits at chip maker Intel - down from a year ago, but ahead of forecasts. Sales were slightly below the consensus coming in at $12.8 billion. In Europe, a bitter outlook from Nestle and worries about Ukraine - leading to a down day across the board.

Magic turnaround on Wall Street

Tuesday, Apr 15, 2014 - 02:02

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