Wall Street managed to snap a five-day losing streak on Thursday, even as Washington heads for another cliff, as investors weighed jobless claims data and the revised second-quarter GDP.
During Thursday’s session, social media giant Facebook Inc. (NASDAQ:FB) crossed above $50 a share for the first time ever. The stock was pushed higher after a series of recent upgrades, as analysts boost ratings on the stock.
On Wednesday, Canaccord Genuity started covering Facebook stock with a “Buy” rating with a price target of $60 a share, while Jefferies reiterated its “Buy” rating and raised its price target on the social media company from $37 to $60. Both pointed to Facebook’s advertising strength.
Shares of Facebook edged up 0.24 percent to $50.48 in extended-hours trading.
After the bell, Nike Inc. (NYSE:NKE) reported fiscal first-quarter earnings of $780 million, or 86 cents a share, compared with a profit of $585 million, or 63 cents a share, a year earlier. Analysts had forecast the sporting goods and apparel giant to issue earnings per share (EPS) of 78 cents for the quarter. Revenue was in line with estimates at $6.97 billion.
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Nike was recently added as component of the Dow Jones Industrial Average, replacing longtime member Alcoa Inc. (NYSE: AA).
In after-hours trading, shares of Nike soared 6.08 percent to $74.62.
In other earnings news, Accenture (NYSE:ACN) reported fiscal fourth-quarter earnings rose to $727.3 million, or $1.01 per share, compared with $636.2 million, or 88 cents per share, a year earlier.
Although revenue for the last quarter rose 4 percent to $7.09 billion, shares dropped 4.09 percent to $72.77 after the bell, as the company announced current-quarter revenue guidance was below Wall Street estimates. Accenture said it expects first-quarter revenue of $7 billion to $7.3 billion, compared with revenue expectations of $7.39 billion, according to analysts polled by Reuters.
Ahead on Friday’s economic calendar, BlackBerry Limited (NASDAQ:BBRY) is still scheduled to release quarterly results around 7 a.m. Eastern; however, the smartphone maker has canceled its earnings conference call in light of the recent news it intends to be acquired by Fairfax Financial Holdings for $4.7 billion.
The consensus EPS forecast for the quarter is a loss of 50 cents per share, compared with an EPS loss of 45 cents in the year-ago period, according to analysts polled by Zacks Investment Research.
Ahead of the earnings report, shares of BlackBerry traded down 0.50 percent to $7.91 after the bell on Thursday.
Also on the economic calendar for Friday, economists are looking to personal income and consumer spending data, along with the University of Michigan’s consumer sentiment index.
The Dow Jones Industrial Average ended the session up 55.04 points, or 0.36 percent, at 15,328.30. The S&P 500 was up 5.90 points, or 0.35 percent, at 1,698.67. The Nasdaq Composite Index rose 26.33 points, or 0.70 percent, at 3,787.43.