U.S. shares pushed sharply higher and looked to snap a three-day losing streak Wednesday on the heels of seemingly conflicted U.S. economic data. The S&P 500 (INDEXSP:.INX) added 0.7 percent to 2,107.57 at 11:53 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) advanced 0.4 percent to 17,614.30, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) rose 1.2 percent to 5,165.72. Most followed shares included First Solar, Activision Blizzard, Walt Disney, Priceline, Dish Network, Wendy’s, Lumber Liquidators, Time Warner, Apple, and Etsy.
First Solar (NASDAQ:FSLR) jumped 18 percent to $52.62 after the biggest U.S. maker of solar panels reported sales that exceeded projections. The company, which has ramped up factory production and expanded abroad to soften the expected impact of a tax-credit cut in 2017, is one of the renewable energy companies expected to benefit from a federal push to cut greenhouse gases.
In consumer shares, Activision Blizzard (NASDAQ:ATVI) jumped 13 percent to $28.98 after the video game maker's results beat expectations The Santa Monica, California-based company was helped by increasing sales of games like "Call of Duty," and raised its full-year revenue and profit forecast.
Walt Disney (NYSE:DIS) tumbled 8 percent to $112.01 after the world's largest entertainment company cut its profit outlook and posted fiscal third-quarter revenue below Wall Street projections. The media company now expects annual operating income growth at the unit in the mid-single digits for fiscal years 2013 to 2016, chief financial officer Christine McCarthy said on a conference call yesterday. It previously had forecast growth in the high single digits.
Priceline Group (NASDAQ:PCLN) rose 4.5 percent to 1,338.52 after the online travel broker posted better-than-anticipated quarterly profit. The Norwalk, Connecticut-based company booked more hotel rooms and rental cars at the start of the summer travel season.
Dish Network (NASDAQ:DISH) advanced 1.1 percent to $66.39. The satellite TV operator earned an adjusted $0.70 per share for the second quarter, $0.25 above estimates. However, Dish also reported that it lost 81,000 subscribers during the quarter, compared to 44,000 a year earlier.
Wendy's (NASDAQ:WEN) gained 1.5 percent to $10.44. The restaurant chain earned $0.11 per share for its latest quarter, $0.02 above estimates, with revenue also beating analyst projections. The company said it continues to make progress with its brand transformation, with same-restaurant sales and profit margins increasing.
Lumber Liquidators Holdings (NYSE:LL) dived 21 percent after the flooring retailer posted a surprise loss. The report is the latest sign of the Toano, Virginia-based company’s struggles to win customers five months after a “60 Minutes” segment alleged the company sold laminate flooring with unsafe levels of formaldehyde, a carcinogen.
Time Warner (NYSE:TWX) fell 8.1 percent to $80.55 even as its profit easily topped Wall Street expectations in the second quarter. Revenue also beat forecasts on strong TV licensing and video game-related results at the company's Warner Brothers unit.
In other stocks, Apple (NASDAQ:AAPL) rose 2.1 percent to $116.99 even as Bank of America/Merrill Lynch cut its rating on Apple to "neutral" from "buy," saying iPhone growth is decelerating and that Apple Watch, Apple Pay, and Apple Music will take time to ramp up.
Etsy (NASDAQ:ETSY) sank 21 percent to $15.18. Etsy lost $0.07 per share, $0.01 less than forecasts, and revenue was slightly above expectations. However, the crafts website operator saw higher marketing expenses during the quarter, and said those costs are continuing to increase.