Late day rally sends stocks higher

A late day rally has sent stocks higher into the close. The major indices are are closing near the session highs for the day with the Nasdaq stocks leading the way.

The provisional closes are showing:

  • S&P index up 7.62 points or 0.25% at 3005.58
  • NASDAQ index up 32.47 points or 0.40% at 8186.01
  • Dow industrial average up 31.74 points or 0.12% at 27108.56/

After the close FedEx is reporting weaker than expected earnings on the top and bottom lines and lowers expectations going forward. First-quarter revenues $17.05 billion versus $17.06 billion estimate. Earnings per share $3.05 versus $3.15 estimate. They see fiscal year EPS at $11-$13 versus estimates of $14.73. They cite trade tensions for the decline. FedEx after the close is trading down sharply at $160.36. That is down from the closing level of $173.55

Adobe, meanwhile be on the bottom and top lines.

  • Earnings-per-share to rose by $2.05 versus $1.97 estimate
  • Revenues $2.83 billion versus $2.82 billion estimate

Adobe did lower fourth-quarter earnings-per-share to $2.25 from an estimate $2.30 and revenues to $2.97 billion versus estimate $3.02 billion. Adobe is trading in after markets at $284.10. It closed at $284.69

Some winners for the day include:

  • Chipotle, +3.27%
  • General Motors, +2.90%
  • Boeing, +1.53%
  • Netflix, +1.53%
  • Starbucks, +1.49%
  • Stryker, +1.45%
  • micron, +1.38%
  • United airlines, +1.37%
  • McDonald's, +1.20%
  • American Express, +1.17%
  • Twitter, +1.15%
  • Intuit, +1.02%
  • Facebook, +1.0%

Some losers on the day include:

  • Schlumberger, -2.93%
  • Papa John's, -1.35%
  • Morgan Stanley, -1.23%
  • Charles Schwab, -1.15%
  • Cisco, -1.10%
  • Emerson, -1.10%
  • PNC financial, -0.90%
  • Caterpillar, -0.71%
  • Bank of America, -0.70%
  • Deutsche Bank, -0.61%
  • Goldman Sachs, -0.60%
  • Citigroup, -0.53%
  • J.P. Morgan, -0.50%
  • Wells Fargo, -0.49%