U.S. indices were relatively flat during another busy earnings day Wednesday. The Federal Open Market Committee is scheduled to make a 2:00 p.m. announcement, in which the federal funds rate target is expected to remain unchanged at a midpoint of 0.375%, between a range of 0.35% and 0.5%.
Facebook (FB) shares were ticking upward ahead of the company's earnings report, due out after the markets close. Analysts are expecting the social media giant to post earnings of $0.81 per share on sales of $6.01 billion. Facebook reported net income of $0.50 per share on sales of $4.04 billion during the same period a year ago.
TheStreet's Jim Cramer said the stock is "up very, very big" on CNBC's "Squawk on the Street" Wednesday. Cramer added that he thinks the stock will trade erratically on the earnings report. Facebook is a holding in TheStreet's Action Alerts PLUS portfolio.
Shares of Boeing (BA) were in focus following the aircraft manufacturer's second-quarter results. The stock was on the rise after the company reported a narrower loss than analysts were expecting. Boeing posted a loss of $0.44 per share, which significantly outperformed expected losses of $0.93 per share. The loss reflects a previously announced 787 cost reclassification and charges for the 747 program. Revenue for the period rose slightly year over year, to $24.8 billion, also topping Wall Street estimates. Boeing also adjusted its full-year EPS guidance to between $6.10 and $6.30, down from a range of $8.15 and $8.35.
Coca-Cola (KO) shares were fizzling after sales fell short of expectations and the company cuts its 2016 outlook. The food and beverage giant reported EPS of $0.60, slightly above Wall Street's estimates. But revenue of $11.54 billion missed analysts' predictions. Coke also cut its outlook as global soda volume faces pressure from rougher economic conditions in emerging markets. The company now expects full-year organic revenue to grow just 3% in 2016, down from its previous outlook of 4% to 5% growth.
Meanwhile, Garmin (GRMN) shares skyrocketed 11% during midday trading after beating Wall Street's second-quarter forecasts. The technology company reported adjusted EPS of $0.87, which was well above analysts' predictions of $0.67. Garmin posted revenue of $811.6 million, which also topped the Street's estimates of $761.6 million. The maker of personal navigation devices expects full-year EPS to be $2.50 on revenue of $2.9 billion.