Wednesday, May 27, 2009

7 Stocks you need to know for Wednesday

The Dow gained 196.17. The Nasdaq Composite added 58.42. And the S&P 500 closed higher by 23.33.

Here are 7 Stocks You Need to Know for Wednesday.

Growing sentiment that the market might actually welcome a bankruptcy filing from General Motors (GM | Quote | Chart | News | PowerRating) helped the stock rally on early on Tuesday before reversing dramatically to close well of its intraday highs.

A number of retailers are announcing quarterly earnings Wednesday morning before the market opens. American Eagle Outfitters (AEO | Quote | Chart | News | PowerRating) is expected to announce EPS of 7 cents. Polo Ralph Lauren (RL | Quote | Chart | News | PowerRating) is expected to report per shares earnings of 39 cents. And, at the other end of the spectrum, analysts are expecting per share earnings of 59 cents from Dollar Tree Stores (DLTR | Quote | Chart | News | PowerRating).

AEO was up more than 6% on Tuesday, rallying from two day's of oversold conditions above the 200-day moving average. Also advancing after moving sideways for the past two days was Polo Ralph Lauren, up nearly 3% in advance of its earnings report. For its part, DLTR rallied by more than 4%.

Also reporting earnings Wednesday morning is Staples Inc. (SPLS | Quote | Chart | News | PowerRating). 21 cents per share is what analysts are expecting to hear from the office supplies retailer, which was up more than 5% on Tuesday.

Among the Dow stocks trading above their 200-day moving averages that have been pulling back in recent days is American Express (AXP | Quote | Chart | News | PowerRating), which was up more than 4% intraday on Tuesday, and IBM (IBM | Quote | Chart | News | PowerRating) which gained more than 3% after closing lower for three consecutive trading days above its 200-day moving average.

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