Investing.com – The Dow lost its three-day winning streak on Wednesday as a downturn in video game holdings set off health benefits.
It fell 0.08%, decreased 0.22% while lost 0.36%. S & P 500's losses were only after five wins.
Electronic Art and Take-Two Interactive came under heavy sales pressure after delivering quarterly earnings and guidance that did not exceed estimates, causing fears that video game earnings could have peaked.
Electronic Arts (NASDAQ 🙂 third quarter earnings of $ 0.86 a share and revenue of $ 1.29 billion undershot Investing.com's, sending its shares 13% lower.
Take-Two Interactive (NASDAQ :), creator of hit game "Red Dead Redemption 2," missed Investing.com's third-quarter revenue and earnings. It also led revenue from Q4 in the range of $ 530 million to $ 580 million, below expectations by Refinitiv.
The duo of negative reports are weighed against rival game publishers Activision Blizzard (NASDAQ :), which dropped 10% before the quarterly report on February 12.
It matched healthcare gains led by an increase in Boston Scientific, which rose better than expected quarterly results.
Boston Scientific (NYSE 🙂 reported earnings of 39 cents a share, over Investing.com's 36 cents per share. Revenue of € 2.56 billion USD was in line with estimates. Its share rose 2.7%.
Energy stocks also weighed on the broader market and fell 0.8%, although US oil prices ended the day higher on data showing a smaller than expected build-in.
Elsewhere on the corporate earnings front, General Motors (NYSE 🙂 rose 1.6% after that. Snap's (NYSE 🙂 better than expected sent its shares up 22%, but Walt Disney (NYSE 🙂 fell 1.1% as it warned a ramp up in investment would hurt its bottom line.
In geopolitics, with just under three weeks to go, until the trade war crime between the United States and China expires on March 1, the senior White House officials continued to express optimism that an agreement would be hit.
"We are making tremendous efforts to hit this deadline and get an agreement," Secretary of State Steven Mnuchin told CNBC.
Top S & P 500 Gainers and losers today:
Skyworks Solutions (NASDAQ :), Capri Holdings (NYSE 🙂 and Microchip Technology (NASDAQ 🙂 were among the top S & P 500 winners for the session.
Take-Two Interactive (NASDAQ :), Electronic Arts (NASDAQ 🙂 and Activision Blizzard (NASDAQ 🙂 were among the worst S&P 500 practitioners of the session.
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