Morning News: General Motors Company (GM), Facebook Inc (FB), Yelp Inc

Morning News: General Motors Company (GM), Facebook Inc (FB), Yelp Inc
market news

Stocks that are expected to trade actively in U.S. markets on Wednesday include: General Motors Company (NYSE:GM), Yelp Inc (NYSE:YELP), Facebook Inc (NASDAQ:FB), Electronic Arts Inc. (NASDAQ:EA) and Expedia Inc (NASDAQ:EXPE).market news Morning News

Market Level

U.S.:  DJIA 15680.35 (0.72%), S&P 500 1,771.95 (0.56%), NASDAQ 3,952.34 (0.31%).

Europe: FTSE 6,806.43 (0.54%), DAX 9,053.72 (0.35%), CAC 40 4,301.02 (0.54%).

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Asia Pacific: NIKKEI 14502.35 (1.23%), SHANGHAI 2,160.46 (1.48%), HSI 23304.02(2.00%), ASX 200 5,430.85 (0.28%), KOSPI 2059.58 (0.38%).

Commodities: Oil 97.56 (-0.65%), NAT GAS 3.634 (0.14%), Gold 1,348.30 (0.21%), Silver 22.73 (1.06%), Wheat 685.00 (0.55%), Corn 433.00 (0.23%).

Currency: EUR/USD 1.3761 (0.12%), GBP/USD 1.6058 (0.08%), USD/JPY 98.23 (0.06%)

10 year Treasury bond: 2.496 (-0.014)

Market & Economic Update

U.S. Market at record high: The Dow and S&P closed at a record high on Tuesday following economic data which indicated that the Federal Reserve would keep its stimulus intact for several months. The Dow Jones industrial average climbed 111.42 points, or 0.72 percent, to close at a record of 15,680.35. The Standard & Poor’s 500 Index surged 9.84 points, or 0.56 percent, to finish at 1,771.95, also a record closing high.

European market up: The shares in the European market rose on Wednesday owing to good earnings from major corporates. The gainers were U.K. retailer Next and Norwegian conglomerate Orkla, fetching good quarterly results. FTSE Eurofirst 300 gained 4.36 points at 1,292.42

Asian markets rise: Japanese Nikkei stock climbed 1.2% to 14,502.35 on Wednesday, on the hope that the U.S. Federal Reserve will keep its monetary policy steady for at least the next few months. Hong Kong shares performed well after eight weeks owing to good earnings by Chinese utilities and energy companies. The Hang Seng Index closed at 23,304.02 points, up 2.00 percent.

Stocks in News

General Motors Company (NYSE:GM) 

General Motors is expected to post earnings of $0.93 per share on revenue of $39.49 billion. Shares of General Motors gained 0.53% to $36.25 in after hours trading. The United States government reported to Congress that it suffered a loss of $9.7 billion on approximately $50 billion bailout to the U.S. automaker.

Yelp Inc (NYSE:YELP)

Yelp recorded a loss in the third quarter, which was more than expected. Revenue of the company surged 80% from the corresponding quarter of 2012. Analysts at Wall Street expected the company to post earnings of one cent per share on $59.4 million in revenue. Shares of Yelp slipped 8.76% in the after hours trading session.

Facebook Inc (NASDAQ:FB)

Facebook is projected to post earnings of $0.19 per share on revenue of $1.91 billion in the third quarter. Shares of Facebook climbed 0.21% to $49.50 in after hours trading. Street analysts are estimating that Facebook will grow its mobile revenue at least five times from the previous year period. Revenue from mobile is expected to be in the range of $760 million and $840 million.

Electronic Arts Inc. (NASDAQ:EA)

Electronic Arts posted buoyant numbers for its fiscal second quarter, but guidance was not so strong for the current quarter. Stock of Electronic Arts increased 3.81% to $25.05 in the after hours trading session. The company pulled total revenue of $1.04 billion against $1.08 billion in the comparable previous year period.

Expedia Inc (NASDAQ:EXPE)

Expedia is estimated to record third quarter earnings of $1.35 per share on revenues of $1.37 billion. Expedia shares rose 0.43% to $50.90 in after hours trading. Naved Khan, an analyst at Cantor Fitzgerald, said in a note that hotel trends are positive in the United States and Europe, which will boost revenues for the company.

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