Investors have a full slate of earnings and data to watch Wednesday. For "tech heads," or aggressive investors who focus on the suddenly fragile Nasdaq composite, earnings from search-engine behemoth Google (analysts are looking for earnings of $6.40 per share, according to Thomson Reuters) and blue-chip tech titan IBM (estimate is $2.54 per share) are the biggies.
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Earnings "beats" would go a long way to stabilize the Nasdaq, which
went on a roller coaster ride Tuesday
. The Nasdaq finished up 0.3% to 4,034.16, after an early 1.8% slide that put it within 1 percentage point of a "correction," or a drop of 10%. The late-day comeback left it down 7.4% from its March 5 high and 3.4% lower for the year.
After the closing bell Tuesday, Internet play Yahoo and chip maker Intel both reported solid earnings, with both companies topping analysts' earnings-per-share estimates by a penny. In after-hours trading Yahoo shares were up 10% and Intel 3%.
Bank of America also reports its first-quarter profits Wednesday. Wall Street is expecting the bank to post earnings of 5 cents a share.
Investors also want to see economic data pick up after a nasty winter. Wednesday they will get fresh readings on March housing starts and industrial production.
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