U.S. shares gained as Alcoa Inc.’s (NYSE:AA) profit surpassed estimates and investors awaited minutes from the Federal Reserve’s last meeting. The S&P 500 (INDEXSP:.INX) inched up 0.3 percent at 11:20 a.m. in New York. The 30-member Dow Jones Industrial Average (INDEXDJX:.DJI) edged up 0.2 percent, and the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) jumped 0.6 percent. Most followed shares also included General Motors, Toyota Motor, United Continental Holdings, Goldman Sachs, LinkedIn, Intuitive Surgical, Constellation Brands, and Hershey.
In materials shares, Alcoa Inc. (NYSE:AA), the largest U.S. aluminum producer, advanced 4.6 percent to $13.10 after posting first-quarter profit excluding special items that beat analysts' expectations. Stripping out $276 million in restructuring charges and other special items, earnings fell to $98 million, or 9 cents per share, in the three months ended March 31, the New York–based company said in a statement late yesterday. That topped the 5-cents-per-share average estimate of analysts, according to Thomson Reuters.
WD-40 Co. (NASDAQ:WDFC) slumped 5.8 percent after saying its fiscal second-quarter profit edged lower amid higher costs.
In consumer-discretionary shares, General Motors Co. (NYSE:GM), the largest carmaker in the U.S., fell 2.2 percent to $33.78. The National Highway Traffic Safety Administration said the Detroit, Michigan-based company was being fined $7,000 daily for not providing information on its recall of 2.6 million cars for faulty ignition switches by an April 3 deadline. Morgan Stanley lowered its shares to "underweight".
American depositary receipts of Toyota Motor Corp. (NYSE:TM), the world's largest car manufacturer, surrendered 1.5 percent to $107.40 after saying it would recall 6.39 million vehicles around the globe due to faulty parts including steering wheels.
United Continental Holdings Inc. (NYSE:UAL), the biggest U.S. airline on flights to Asia, fluctuated between gains and losses. The company reported a 0.7 percent increase in traffic in March, bolstered by growth in the domestic and Latin markets.
In consumer-staples stocks, Hershey Co. (NYSE:HSY), the largest chocolate maker in the U.S., sank 2.4 percent to $99.24. Goldman Sachs lowered the shares to "sell," and dropped its 12-month price target to $90 from $105 a share.
Constellation Brands Inc. (NYSE:STZ), the world's largest wine seller, dipped 1.8 percent to $79.99. The Victor, New York–based company projected adjusted earnings of $3.95 to $4.15 a share in the new year, compared with estimates of $3.95 a share.
In other stocks, Goldman Sachs Group Inc. (NYSE:GS) added 0.4 percent to $157.25. The Wall Street Journal reported the New York–based firm was considering closing its Sigma X dark pool trading operation, one of the world's biggest private stock-trading venues.
LinkedIn Corp. (NYSE:LNKD), the world's biggest online professional-networking service, gained 2.7 percent to $173.72. Topeka Capital Markets lifted the shares to "buy" from "hold", while retaining its $230 price target.
Intuitive Surgical Inc. (NASDAQ:ISRG), the manufacturer of surgical robots, declined 6 percent to $460.25 after lowering its quarterly revenue guidance to below analysts' estimates.