In the first day of trading this week, the Dow finished a tad lower, while the S&P 500 ticked up a bit. The Nasdaq gained for the eighth straight day and closed at its highest level since July 2000. The U.S. market was closed Monday for the Presidents Day holiday.
But further gains are only expected if earnings impress Wall Street.
The holiday-shortened week is not off to a good start in that regard though. Coca-Cola (Fortune 500) dropped almost 4% after the beverage giant reported revenue below analyst estimates. The company's global footprint makes it a good barometer for consumer spending around the world, including emerging markets. ,
"$KO now u know why they wanted the $GMCR deal, USA soda sales declining. Coffee where its at," said danbetz on StockTwits, pointing to the company's recently announced partnership with Green Mountain Coffee Roasters.
BlackBerry ( shares spiked over 5% after activist hedge fund manager Dan Loeb disclosed that he acquired a stake in the struggling smartphone maker. The stock was the biggest gainer on )CNNMoney's Tech 30 Index Tuesday. Despite a turnaround effort, BlackBerry shares are down over 33% in the last year. But they have rallied this year on hopes that new CEO John Chen will be able to stop the bleeding.
"$BBRY Loeb definitely trusting Chen management to turn around BB just like he did with Marissa when she took over Yahoo," said StockTwits user TwitsTrader, referring to Loeb's success in helping to install Yahoo! (Fortune 500) CEO Marissa Mayer to try and rejuvenate the online media company. ,
In other corporate news, Actavis (Fortune 500)agreed to buy , Forest Laboratories ( for $25 billion in a deal announced Tuesday. Shares of both pharmaceutical companies surged on the news. Forest jumped 30% while Actavis was up 7%. )
The deal is yet another big win for activist investor Carl Icahn, who is a major shareholder in Forest Labs and helped spur changes in the company's management last year.
"Great result for ALL $FRX (Forest Labs) shareholders - proves again that activism works," Icahn tweeted Tuesday.
Shares of Netflix (, another member of )CNNMoney's Tech 30 Index, moved slightly higher Tuesday despite reports that the company's move to strike a deal with Time Warner Cable (Fortune 500) for a place on the cable company's set-top boxes has slowed. Investors are hoping the success of season two of Netflix's hit series , "House of Cards" will continue to lift the stock.
King Media Entertainment, the maker of the popular online puzzle game Candy Crush, filed to for an initial public offering. Shares of Zynga (, another developer of mobile and online games, rose about 4% on the news. )
But one trader felt Zynga can stand on its own.
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