Stock Markets Bounce on Opportunity Buying
NEW YORK ( TheStreet) -- Major U.S. stock indices lifted higher Wednesday in the final hour of trading in a hurried scramble as investors bought equities rather than be left out of a surging market.
"People are looking for any opportunity, and on a day when it's flat, that's an opportunity" in this environment, said Randy Warren, chief investment officer at Warren Financial Service. Warren said traders have been looking for a May pullback to enter the market, but haven't yet gotten one.
EA's price target and estimates were increased at UBS Wednesday with analysts writing that the estimates were raised to reflect operating margin expansion, cost controls and free cash flow optimization, and that the price target moved up to $20.
The next biggest advancer was Whole Foods Market
"Earnings ... have bettered expectations ... but as we have pointed out in the past, this should not come as much of a surprise since expectations had been lowered so much," David Joy, Chief Market Strategist, at Minneapolis, MN-based Ameriprise Financial, wrote in a note. "And it seemingly overlooks the fact that top-line revenue growth has been disappointing - cutting one's way to prosperity works for only so long. Ultimately, it is the ongoing activism of central banks that seems to account for the refusal of stock markets to correct in any meaningful way, and on the contrary, to power their way to a series of new highs."
Transportation and logistics company CH Robinson Worldwide