Wall Street climbed higher on Wednesday, as investors anticipated the final pricing of Twitter’s IPO after the bell. The social media company will trade under the stock ticker “TWTR” and is expected to begin trading on the New York Stock Exchange on Thursday. Sources familiar with the matter told CNBC on Wednesday that Twitter's underwriters plan to price the stock above initial estimates of $23 to $25 per share, at $27, if the market momentum continues.
On the earnings front, Toyota Motor Corporation (NYSE: TM) said net profit jumped 70 percent during the July-September quarter as earnings rose to 438.4 billion yen, compared with 257.92 billion yen a year earlier. Revenue rose 16.2 percent to 6.3 trillion yen from a year-ago.
Toyota acknowledged a weakening yen has helped boost its profit margins during the fiscal 2014 second quarter.
“In addition to the impact of the weaker yen, operating income increased due to our efforts with our suppliers and distributors for profit improvement through cost reduction and marketing activities, such as enhancement of the model mix,” said Toyota Motor Corporation Executive Vice President Nobuyori Kodaira.
In North America, Toyota boosted its sales forecast for the region to 2.63 million vehicles from 2.61 million after the company said vehicle sales totaled 1,298,044 during the six-month period ended Sept. 30, 2013, an increase of 37,316 units. In Europe, sales decreased 5,232 units to 406,934 vehicles, while sales in Asia fell 60,279 units to 779,586 vehicles.
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The automaker raised its full-year net revenue forecast to 25 trillion yen, from 24 trillion yen and raised its operating profit forecast to 2.20 trillion yen from 1.94 yen for the fiscal year ending March 31, 2014, based on an exchange rate of 97 yen to the U.S. dollar and 130 yen to the euro.
“To achieve sustainable growth, we will continue to focus on strengthening our profit structure through continued gross profit improvement per vehicle and control of fixed costs,” Kodaira added.
Shares of Toyota ended the session 0.5 percent higher.
Also on Wednesday, Time Warner Inc. (NYSE: TWX) reported fiscal third-quarter earnings that topped Wall Street estimates, as the company posted a profit of $1.18 billion, or $1.26 cents per share, compared with earnings of $822 million, or 84 cents a share, a year earlier. Excluding items, earnings per share came in at $1.01 per shares, topping analysts’ estimates by 12 cents.
However, for the quarter ended Sept. 30, revenue rose 0.2 percent to $6.86 billion, below Wall Street expectations of $6.94 billion, according to analysts polled by Reuters. Time Warner said revenues were essentially flat in the third quarter, as growth at the Networks segment and lower intersegment eliminations were offset by declines at the Film and TV Entertainment and Publishing segments.
“We had another strong quarter and remain on track for another very successful year, thanks to our commitment to great storytelling across the company,” said Chairman and Chief Executive Officer Jeff Bewkes. “Reflecting our commitment to stockholder returns, so far this year we’ve repurchased $3.0 billion of our stock and paid out over $800 million in dividends.”
In addition, Time Warner Inc., the owner of cable channels TNT, CNN and HBO, reaffirmed its 2013 full-year business outlook. The Company continues to expect its 2013 full-year percentage growth rate in Adjusted Diluted Income per Common Share from Continuing Operations to be in the mid-teens off a 2012 Adjusted EPS base of $3.24.
On Wednesday, shares of Time Warner edged down 0.82 percent, to $67.67, in afternoon trading.
After the closing bell, notable companies reporting quarterly earnings include Qualcomm Inc. (NASDAQ:QCOM), CBS Corp. (NYSE:CBS), Whole Foods Market, Inc. (NASDAQ:WFM) and Mondelez International Inc. (NASDAQ:MDLZ).
The Dow Jones industrial average rose 115.08 points, or 0.74 percent, to 15,733.30. The S&P 500 gained 5.95 points, or 0.34 percent, to 1,768.94. The Nasdaq Composite fell 11.95 points, or 0.3 percent, to 3,927.79.