The market posted healthy gains Wednesday on the back of strong manufacturing data across the world. The US, China and Europe all reported strong manufacturing activity, spurring more optimism that an economic recovery could be on the way. Stocks did, however, pare some gains into the close to take some of the juice out of today's move. The Nasdaq was the strongest index, closing 1.22% higher, while the S&P jumped 0.89%.
Investors are also growing more confident about a Greek debt deal, with suggestions by Greek officials that the deal should be completed by the end of the week. Bond holders will be taking a massive haircut, but a deal would avert a messy, contagious default.
Overall, the market finds itself in a tricky spot here. Stocks have been strong in 2012, but have not been able to sustain any momentum in the last two weeks. The situation in Europe remains murky at best and US economic data has been mixed of late. The end of this week could bring some fireworks, with an employment report and expected Greek debt deal.
There were a number of notable earnings reports after the bell today. Green Mountain Coffee Roasters (GMCR) has been in the spotlight ever since Greenlight Capital's David Einhorn issued a bullish note on the stock. However, this past quarter GMCR great exceeded EPS and revenue expectations, triggering a short squeeze in the stock after hours. GMCR is currently up about 9% after being unhalted at 4:30 ET.
Las Vegas Sands (LVS) initially traded higher following its report, in which it met on EPS and exceeded on revenues. The stock faded though after that initial pop and is now down almost 2% after hours.
Qualcomm (QCOM) delivered a strong report after the close and the stock is trading almost 6% higher. The company topped EPS and revenue estimates, with the CEO noting that the company is gaining a greater market share in the telecom space.
Chipotle (CMG) missed slightly on its EPS estimates, but it appears the Street is giving them a pass. The stock is only marginally lower following its report, perhaps partly due to the company's announcement that it will be buying back shares. After such a strong run to new all-time highs in recent weeks and a lofty earnings multple, it can be considered surprising for the company to make such a move, but apparently it has confidence in future growth prospects.
BREAKING NEWS: Also after the close, Facebook, as expected, filed paperwork for an IPO. The initial registration will be for $5 billion, but that number is simply a place holder and could grow. The company's stock will be listed under the symbol FB.
*DISCLOSURES: Scott Redler is long SPY, AIG, JPM, CRM, GRPN, AAPL, LULU, VMW, OIH, WMT, LVS calls, DNDN calls, QCOM calls. Short QCOM stock (shorted post-earnings pop), and DIA.
