Stocks Cut Gains, Ended Mixed

U.S. stocks cut early gains and ended mixed on Wednesday on the heels of Federal Reserve Chairwoman Janet Yellen’s testimony before a congressional committee. The Dow Jones Industrial Average fell 99.64 points, or 0.62%, to 15,914.74. The S&P 500 was down 0.35 point, or 0.02%, to 1,851.86. The Nasdaq Composite climbed 14.83 points, or 0.35%, to 4,283.59.

Tesla Motors Inc (TSLA.O) reported a quarterly loss for the eleventh straight quarter as higher sales of its Model S sedans failed to offset rising costs. Net loss nearly tripled to $320.4 million, or $2.44 per share, in the fourth quarter ended Dec. 31 from $107.6 million, or 86 cents per share, a year earlier. Revenue rose nearly 27 percent to $1.21 billion.

Network equipment maker Cisco Systems Inc reported a 2 percent increase in quarterly revenue, and said it would add $15 billion to its share buyback program. Net income rose to $3.1 billion, or 62 cents per share, in the second quarter ended Jan 23, from $2.40 billion, or 46 cents per share, a year earlier. Revenue rose to $11.8 billion from $11.6 billion.

Upscale grocery chain Whole Foods Market Inc reported a 1.8 percent decline in sales at established stores due to intense competition from big-box retailers in the organic foods market. Net income fell to $157 million in the first quarter ended Jan. 17 from $167 million a year earlier.

Amazon.com Inc. announced a new $5 billion share repurchase program. The company disclosed in a regulatory filing that the new program, which does not have a fixed expiration, replaces the previous $2 billion program announced in 2010.