TheStreet's JD Durkin brings the latest business headlines from the New York Stock Exchange as markets close for trading on Wednesday, February 14.
Full video transcript below:
JD DURKIN: I'm JD Durkin, reporting from the New York Stock Exchange. stocks closed today's session in green. The Dow Jones closed up 150 points, the Nasdaq closed up 1.3 percent and the S&P closed about one percent higher. Markets are recovering their sharp losses from Tuesday as investors react to better-than-expected corporate earnings. Most gains so far have been better than expected, showing a surprisingly resilient economy in the second half of 2023.
Investors are awaiting more economic data. Retail sales data will be released on Thursday and producer prices on Friday.
In other news, Lyft saw its stock skyrocket after releasing its fourth-quarter earnings report, but it was all due to a very big typo. In the report, the company said it estimated its gross margin would grow 500 basis points in 2024, or 5 percent. But what he really meant was that margins would grow by 50 basis points, just half a percentage point.
Lyft saw its stock soar about 60% after releasing the report, and while the stock continued to rise after the correction was made because it beat Wall Street estimates, it lost much of its initial enthusiasm.
Speaking to CNBC about the mistake, Lyft CEO David Risher said: “Look, it was a serious mistake, and that's on me. We had thousands of eyes, we have a process on this that's crazy. It's a terrible thing. “It's an extra zero that was slipped into a press release.”
Lyft reported $1.22 billion in revenue for the fourth quarter, up 4 percent year over year. However, despite the rise in share price, Lyft shares are down nearly 80 percent since their debut price in 2019.
That will be enough for your daily briefing. From the New York Stock Exchange, I'm JD Durkin of TheStreet.
