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U.S. stocks rose at the open on Wednesday, boosted by earnings from Apple and Boeing, but focus could shift later in the day to the Federal Reserve’s first two-day policy meeting of the year. The Dow Jones industrial average was up 0.44 percent at 17,463.82, the S&P 500 was up 0.51 percent at 2,039.91 and the Nasdaq Composite was up 0.95 percent at 4,726.187.
** APPLE INC, $117.21, +7.39 pct
** AVAGO TECHNOLOGIES INC, $107.8, +2.87 pct
** NXP SEMICONDUCTORS NV, $81.48, +4.43 pct
** SKYWORKS SOLUTIONS INC, $83.48, +2.40 pct
Apple’s quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70 percent rise in China sales, powering the company to the largest profit in corporate history.
Shares of Apple suppliers Avago, NXP and Skyworks also rose.
** BOEING CO, $137.82, +4.03 pct
The aircraft maker reported a 19 percent increase in quarterly profit, helped by booming demand for commercial aircraft.
** ABIOMED INC, $50.98, +31.97 pct
The medical device maker raised its full-year revenue forecast and said the U.S. Food and Drug Administration had approved its heart pump.
** YAHOO INC, $49.45, +3.04 pct
** ALIBABA GROUP HOLDINGS INC, $100.02, -2.84 pct
Yahoo plans to spin off its 15 percent stake in China’s Alibaba, responding to pressure to hand over to shareholders its prized e-commerce investment valued at roughly $40 billion.
A China regulator has accused Alibaba of failing to clean up what it called illegal business deals on the e-commerce titan’s platforms, in an unusually strong government criticism of one of the country’s biggest private firms.
** FREESCALE SEMICONDUCTOR LTD, $33.22, +26.07 pct
At least six brokerages raised their price targets on the stock after the company reported a quarterly profit well above the average analyst estimate.
** APRICUS BIOSCIENCES INC, $1.53, +25.41 pct
The drug developer said its experimental drug, RayVa, which is potential treatment for Raynaud’s phenomenon, a painful circulatory disorder affecting hands and feet, was granted U.S. patent by U.S. Patent and Trademark Office.
** ADVAXIS INC, $10.39, +5.06 pct
The cancer drug developer said its experimental cancer drug was found safe and effective in the first phase of a mid-stage study.
** AT&T INC, $33.36, +1.68 pct
The telecom company on Tuesday posted a quarterly net loss that was slightly slimmer than Wall Street expected, as its mobile device deals attracted more customers, but its users switched to other networks at a higher rate.
** WESTERN DIGITAL CORP, $102.37, +4.86 pct
The world’s No. 1 hard-disk drive maker reported second-quarter results slightly ahead of Wall Street expectations on strong demand for its solid-state drives from enterprise customers.
** JUNIPER NETWORKS INC, $23.17, +6.14 pct
The network gear maker reported a better-than-expected adjusted quarterly profit as cost-cutting paid off.
** CHEVRON CORP, $106.1, -2.00 pct
** CONOCOPHILLIPS, $64.41, -1.72 pct
** BP PLC, $39.35, -2.14 pct
Chevron said it would work with BP and ConocoPhillips to explore and appraise 24 jointly held offshore leases in deepwater Gulf of Mexico.
** ELECTRONIC ARTS INC, $53.065, +9.62 pct
The publisher of the “FIFA” and “Madden NFL” video games posted better-than-expected quarterly profit and revenue, helped by growth in digital revenue and strong sales of its sports titles.
** U.S. STEEL CORP, $23, +8.13 pct
The steel maker on Tuesday warned that low oil prices and the strong U.S. dollar could negatively impact its business in 2015 but said the potential for U.S. higher consumer spending could help lift demand.
** OPEN TEXT CORP, $55.33, -7.15 pct
The Canadian business-software maker’s quarterly revenue fell short of market expectations, hit by a strong U.S. dollar and weaker-than-expected revenue from its emerging markets business.
** STRYKER CORP, $94.79, +2.66 pct
** SMITH & NEPHEW PLC, $36.38, +1.54 pct
The chief executive officer of U.S. medical device maker Stryker, recently rumored to have been preparing a bid for British rival Smith & Nephew, said on Tuesday that acquisitions are his top priority for spending cash, but he gave no hint that any sort of deal was imminent.
** SONY CORP, $23.84, +3.38 pct
The consumer electronics, media and entertainment services company plans to cut around 1,000 additional jobs in its struggling smartphone division as it tries to bring its electronics business back into the black, sources said.
** STMICROELECTRONICS NV, $8.13, -2.52 pct
Europe’s largest semiconductor maker has predicted a return to revenue growth in 2015, but gave few signs of reaping the anticipated currency benefits that have helped propel the stock 21 percent higher this month.
** KCG HOLDINGS INC, $12.28, +2.59 pct
The financial services provider said it will sell its foreign exchange trading platform, KCG Hotspot, to BATS Global Markets for $365 million in cash.
** CENOVUS ENERGY INC, $19, -4.33 pct
Canada’s No. 2 independent oil producer cut its capital spending budget for 2015 in response to the slump in crude oil prices.
** PETROBRAS, $6.57, -11.81 pct
The Brazilian state-run company reported a third-quarter unaudited net profit of $1.20 billion after its board said it was impractical to estimate the value of expected charges against earnings related to a corruption scandal.
** WEATHERFORD INTERNATIONAL PLC, $10.77, -3.93 pct
The oil services company said it would eliminate the position of chief operating officer as it copes with a 60 percent slide in global crude oil prices.
** COMMSCOPE HOLDING CO INC, $27.95, +9.31 pct
** TE CONNECTIVITY, $68.78, +6.42 pct
Telecom equipment maker CommScope said it will buy Swiss electronics firm TE Connectivity’s network equipment business for about $3 billion in cash to expand in Europe and Asia.
** GENERAL DYNAMICS CORP, $141.36, +3.03 pct
The maker of Gulfstream jets, tanks and U.S. Navy ships reported a 42 percent jump in fourth-quarter profit and said quarterly aircraft orders were at the highest in more than three years.
** HESS CORP, $68.6, -4.20 pct
The oil and natural gas producer reported a loss compared with a profit a year earlier, when it reported after-tax gains of $1.34 billion related to asset sales.
** ARCTIC CAT INC, $31.29, +5.32 pct
The snowmobile maker cut its 2015 forecast, citing severance costs, warranty expense and expected impact from a strengthening U.S. dollar. (Compiled by Anet Josline Pinto in Bengaluru; Edited by Maju Samuel)