Information provided by Theflyonthewall.com
Earnings reports from two Dow members Wal-Mart
) and Cisco
), sent their shares in opposite directions.
Cisco shares advanced 12% to lead the blue chip index after the company's results beat expectations on the top and bottom lines and prompted price target increases at several analyst firms.
Wal-Mart, in contrast, lagged all Dow names, sliding 2% after its earnings for the just ended quarter and its view of the current quarter missed the consensus forecast.
After the closing bell Wednesday, Tesla Motors
) said it intends to raise about $830M by offering 2.7M common shares and $450M in convertible senior notes. CEO Elon Musk will buy $100M worth of the stock and debt, the company said, and its recently high-flying shares rose another 6%.
Among the notable gainers rising following Cisco's better than expected results and commentary were Ciena
), which rose 8%, and Cavium
), which advanced 4%.
Also higher were shares of NetApp
), which gained over 6% after Bloomberg said activist investor Elliott Management has taken a stake in the company and is pushing its board to explore ways to boost shareholder value.
Among the noteworthy losers were Oncothyreon
), which fell 20%, and Biomarin
), down 5%, after both pharmaceutical companies, among a number of others, published data to be presented at ASCO, an annual meeting of oncologists.
Also lower was AMD
), which declined 14% following a downgrade to Sell at Goldman Sachs.