An Apple a day may not keep the doctor away, but it is helping keep the bears away. The massive beat yesterday has the the market rallying on all fronts. Apple itself is rallying nearly 10%. The company’s earnings beat not only lifted domestic markets, but global markets. Maybe we can get everyone to buy iphones and that will solve the sovereign debt issues in Europe.
Outside of the Apple induced euphoria, market watchers will quickly turn to the FOMC statement early this afternoon. This will be followed by a press conference. Expect CNBC talking heads to parse Bernanke’s meaning of the word ‘the’ in reference to the Fed’s willingness to continue with some sort of stimulus program.
Currently the Dow is off its session highs, up 72 points. The Nasdaq and S&P are both adding 55 and 13 points respectively.
Hot Stocks to Watch
Calix Inc. (NYSE:CALX) is up 18.85% today at $8.26. CALX has traded 400 thousand shares so far today and averages 472 thousand shares a day on average. Calix announced yesterday its Calix E7-2 was selected by the city of Danville. The company has a market cap of 391.44 million.
GNC Holdings Inc. (NYSE:GNC) is up 9.55% today at $38.90. GNC has traded 1.7 million shares already today, above its daily average of 1.6 million shares. GNC shares are rallying today after the company announced its latest earnings. GNC Holdings reported EPS of $0.60 per share, beating estimates by $0.08 per share. Revenue came in at $624.3 million, beating estimates of $587.5 million. The company has a market cap of 4.18 billion.
Sify Technologies Limited (NASDAQ:SIFY) is up 7.37% this morning at $3.35. SIFY has traded 458 thousand shares in early trading, 100 thousand shares more than its daily average. Investors are reacting positively to the company’s latest earnings. EBITDA for the fiscal year was INR $527 million versus INR 235 million in the previous year. The company has a market cap of 290.18 million.
Cirrus Logic Inc. (NASDAQ:CRUS) is up 8.46% today at $22.56. CRUS has traded 2.1 million shares already today and trades 2.2 million shares a day on average. Apple’s earnings sent iPhone suppliers such as Cirrus Logic up today. The company has a market cap of 1.45 billion.
Galena Biopharma, Inc. (NASDAQ:GALE) is up 7.21% this morning at $1.34. GALE has traded just over 2 million shares in early trading and trades 3.2 million shares a day on average. GALE shares have bounced back some this morning after the stock fell $0.40 a share yesterday afternoon. The company has a market cap of 68.66 million.
RF Micro Devices Inc. (NASDAQ:RFMD) is up 7.30% in early trading at $4.27. RFMD has traded 3.06 million shares this morning and averages 4.2 million shares daily. RFMD shares are bouncing back today after the stock fell $0.40 since over the past five days. The company has a market cap of 1.18 billion.