US stocks started the session higher Wednesday on hopes of additional monetary easing by the Federal Reserve and as budget negotiations sustained on Capitol Hill.
Fred Dickson, chief investment strategist, DA Davidson & Co, commented in an emailed note that they suppose expanded Fed stimulus would do little to considerably enhance current employment or Main Street economic circumstances, but would provide a short-term improvement to the stock and commodity markets as some of the Fed’s money flow would recycle back into “risk-based” assets. [article_detail_ad_1]
On the other hand, some stocks also added confidence to today’s trading which includes Joy Global Inc. (NYSE:JOY) which announced that its earnings advanced by 23% in the fourth quarter, though it anticipates lower volumes in 2013 due to weaker demand from China.
The firm made $212.6 million, or $1.99 a share, against $172.3 million, or $1.62 a share. Analysts had anticipated earnings of $1.87 per share. Revenue rose by 19% to $1.59 billion. Analysts had projected sales of $1.42 billion.
Also Costco Wholesale Corporation (NASDAQ:COST) declared that earnings for the first quarter rose by 30% because of enhanced sales and increased membership revenues.
The firm made $416 million, or 95 cents a share, as compared to $320 million, or 73 cents a share in the similar period previous year, including 7 cents per share of one time charges.
Earning surpassed anticipations of 93 cents a share. Revenue rose by 10% to $23.72 billion against $21.63 billion, surpassing forecasts of $23.54 billion.
Celsion Corporation (NASDAQ:CLSN) shares increased almost 7.4% in early trades. The firm announced in a filing made public on Tuesday that one of its directors, Max Link, recently acquired 14,000 shares of corporation stock, at $7.60 per share, boosting his Celsion holdings to 380,385 shares. The acquisition follows other directors’ and officer purchases reported previously this month.