By VINCENT MAO, INVESTOR’S BUSINESS DAILY
Stocks nabbed nice gains Wednesday as upbeat economic reports out of Europe and China and optimism for a Greek debt-swap deal offset mixed data in the U.S.
After the close, Qualcomm (QCOM) jumped after delivering fiscal Q1 earnings and sales that topped views. But Chipotle Mexican Grill (CMG) cooled off as its Q4 profit missed views by a 2 cents. Thanks to new restaurant openings, revenue topped expectations. Chipotle’s board also approved an additional $100 million in buybacks.
The Nasdaq rallied 1.2% to its best levels since late July. The S&P 500 rose 0.9%, the Dow Jones industrial average 0.7%.
CommVault Systems (CVLT) bolted nearly 9% to a record high in more than four times average trade. The stock cleared a 51 buy point in a V-shaped cup base. CommVault was down as much as 6% despite reporting fiscal Q3 results above Wall Street expectations.
Liquidity Services (LQDT) also staged an impressive turnaround. It gained 5% and cleared resistance at its 50-day moving average. Before the open, the online auctioneer beat views with fiscal Q1 earnings that surged 85% and sales up 41%. Liquidity Services, however, gave disappointing guidance for its fiscal Q2 ending in March. Shares were off by 10% at their session lows Wednesday.
On the downside, Amazon.com (AMZN) gapped below its 50-day line and dropped 8% in its busiest session in three months. The stock was off by nearly 12% at its worst level. Late Tuesday, the e-commerce giant reported Q4 sales that badly missed views. Its revenue outlook for the current quarter ending in March also disappointed.
InvenSense (INVN) reversed and dropped 4% in heavy trading. Despite snapping a three-session win streak, the stock remains 32% past an 11.95 buy point from an IPO base.
Acme Packet (APKT), Cardtronics (CATM), Edwards Lifesciences (EW), Gilead Sciences (GILD), MasterCard (MA), Nu Skin Enterprises (NUS) and Sally Beauty (SBH) are among some notable companies reporting earnings Thursday.
Initial jobless claims, as well as productivity and unit labor costs for Q4, will be out Thursday.