X Late-session declines whittled Wednesday's moderate gains to a weak finish.
Earnings disappointments were the leading culprit, gnawing away at the week's early momentum and grinding the Dow Jones industrial average's early 0.4% gain to a 0.1% decline. The S&P 500 and Nasdaq also shredded their gains, the Nasdaq ending flat and the S&P 500 down less than 0.1%.
All the indexes remained firmly positive for the week.
Compared to busy sessions Monday and Tuesday, Wednesday's action was comparatively quiet, with preliminary data showing trade slightly higher on the NYSE and slightly lower on the Nasdaq.
At either end of the Dow industrials, United Technologies (UTX) rose nearly 2% and Procter & Gamble (PG) dropped 2%, both on quarterly results. United Tech remained in a buy range, 3% above a flat base buy point of 114.54. More than half of the Dow's stocks traded higher, with Verizon (VZ), Home Depot (HD) and Travelers (TRV) also posting gains of around 1%.
Edwards Lifesciences (EW) easily led the S&P 500, pulsing more than 10% higher after reporting that strength in U.S. heart-valve replacements helped power a 32% first-quart earnings gain and a 27% rise in sales. Both numbers clobbered analyst expectations. The move hoisted shares back above the 40-week moving average as Edwards works on the right side of a six-month consolidation.
Gains were more modest on the Nasdaq, led by a 3% advance by Norwegian Cruise Line (NCLH). The gain put shares narrowly above a 52.60 buy point in two-month long a flat base.
The low end of the Nasdaq was a different story, with Seagate Technologies (STX) gouging out a 16% loss. The maker of computer hard drives posted a 400% EPS gain, above analyst targets. But a 3% revenue advance stopped short of expectations. The loss sent shares below their 10-week moving average in heavy trade, triggering a sell signal.
Hard-drive peer Western Digital (WDC) slipped 3% in strong trade. It reports earnings after the market closes on Thursday.
The Leisure–Lodging group posted the strongest gain among industries as Wyndham Worldwide (WYN) spiked 9% to a record higher after turning in a powerful first-quarter performance and raising its full-year guidance. Shares ended the session 16% above a 86.82 buy point in a flat base.
A heavy after hours reporting session Wednesday is scheduled to include reports from Las Vegas Sands (LVS), Citrix Systems (CTXS), Xylinx (XLNX), Amgen (AMGN), Equinix (EQIX) and others.
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