The S&P 500 and Nasdaq (^DJI, ^GSPC, ^IXIC) are poised for new closing highs, as earnings season rolls on. Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance Editor-in-Chief Andy Serwer.
Winners and losers
Stocks in the red today include railroad operator CSX despite an earnings beat, as its forward guidance disappointed; IBM as revenue declined for the 21st consecutive quarter while profit margins dropped across the board; and McCormick, with shares of the spice maker lower after announcing plans to buy the food business of Britain’s Beckitt Renckiser—known for brands like French’s Mustard and Frank’s RedHot—for $4.2 billion.
Meanwhile, stocks ending the day in the green include Scripps Networks on reports the cable channel operator is in talks to combine with Discovery Communications; Vertex Pharmaceuticals after reporting significant improvements in drug trial treatments for cystic fibrosis patients; and Morgan Stanley, with shares of the broker higher as it beat on both earnings and revenue, raised its dividend 25% and added $5 billion to its share buyback plan.
Michael Batnick on the markets—and catching a bottom
The irrelevant investor is here. Michael Batnick, director of research at Ritholtz Wealth Management and an astute student of the markets, gives us the lowdown in recent market moves and his 10 rules for catching a bottom.