The Day Ahead: Yahoo! Nothing to Shout About

 | Jan 29, 2014 | 8:30 AM EST
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U.S. markets snapped a five-day losing streak Tuesday, but equities futures were flat Wednesday morning after a Turkish rate hike initially rallied global markets overnight.

The move by Turkey's central bank came in response to a recent sharp slide in emerging-market currencies that had already prompted India to make a similar move. The announcement primed European and Asian markets overnight and U.S. futures initially, but stateside gains wavered this morning as Wall Street awaited the Federal Reserve's monthly policy statement, due this afternoon.

In earnings news, Yahoo! (YHOO) beat earnings estimates by $0.07 per share late Tuesday, but the struggling Internet pioneer saw quarterly revenue fall as all-important advertising sales continue to slump under CEO Marissa Mayer. The shares took a beating after-hours and continued to fall in premarket trading.

Meanwhile, AT&T (T) beat fourth-quarter estimates on the top and bottom lines, but wireless-subscriber growth fell short of estimates, sending shares lower in early action.

And Electronic Arts (EA) offered disappointing quarterly guidance and sales last night, though the game maker's EPS beat views by $0.03, helping shares higher.

This morning brings another busy slate of results. To begin with, aircraft maker Boeing (BA) landed a big earnings surprise to the upside, but a disappointing outlook brought shares down to earth in the premarket.

Shares of air carrier JetBlue (JBLU) put some wind beneath their wings with top- and bottom-line beats, though the company warned that current-quarter results may be grounded by the severe weather affecting most of the U.S.

Dow Chemical's (DOW) shares boiled over in early action after the company beating earnings views and raised its dividend. Health insurer WellPoint (WLP) also raised its payout, but quarterly earnings fell sharply and investors took the shares lower.

After the close, Action Alerts PLUS holding Lam Research (LRCX) leads a slew of other postclose reports -- from Facebook (FB), Hanesbrands (HBI), Qualcomm (QCOM), Symantec (SYMC) and many more.

The Federal Open Market Committee is expected to leave policy rates unchanged at 2 p.m. ET, when it is scheduled to deliver its announcement from the current meeting and will release minutes from its December gathering. This marks the final two-day meeting under the leadership of retiring Chairman Ben Bernanke.

There are no other major economic reports or releases scheduled until Thursday's weekly jobless claims.

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