U.S. stocks opened higher on Wednesday, boosted by strong quarterly results from industry heavyweights General Motors and Boeing. The Dow Jones industrial average lately rose 57.99 points, or 0.34%, to 17,275.10. The S&P 500 gained 4.86 points, or 0.24%, to 2,035.63. The Nasdaq composite added 16.21 points, or 0.33%, to 4,897.18.
General Motors’ third-quarter profit fell slightly, but the company rode strong North American sales to overcome $1.5 billion in costs from its deadly ignition switch recall. Its net income slipped 1.4 percent from a year ago, but still was $1.36 billion, or 84 cents per share. That compares with $1.38 billion, or 81 cents per share, a year ago.
The Boeing Co. blew past profit and sales estimates for the third quarter and raised its outlook. The company said it had net profit of $1.70 billion, or $2.47 a share, in the quarter, up from $1.36 billion, or $1.86 a share, in the year-earlier period.
Biogen Inc. (BIIB) beat third-quarter earnings expectations Wednesday and raised its full-year guidance, announced an 11% reduction in workforce. Biogen reported net income of $965 million, or $4.16 per share, up from $856 million, or $3.63 per share, in the year-earlier period.
Coco-Cola’s profit and revenue fell in the third quarter as the world’s biggest drink maker booked charges related to its cost-cutting push and took a hit from the strong dollar. For three months ended Oct. 2, Coca-Cola earned $1.45 billion, or 33 cents per share.
Western Digital Corporation said on Wednesday that it had agreed to acquire the memory chip maker SanDisk Corporation in a cash-and-stock deal worth about $19 billion.
Oil prices fell on Wednesday. Brent crude for December was down 30 cents at $48.41 a barrel by 1310 BST. U.S. crude futures for December delivery were down 65 cents to $45.64 a barrel.
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