US STOCKS-Wall St gains on earnings, M&A deals

miércoles 16 de julio de 2014 14:45 GYT

* Intel climbs on earnings, outlook

* Bank of America profit drops; stock slips

* Time Warner rebuffs $80 bln bid from 21st Century Fox

* Indexes up: Dow 0.4 pct, S&P 0.5 pct, Nasdaq 0.5 pct (Updates to afternoon session)

By Angela Moon

NEW YORK, July 16 (Reuters) - U.S. stocks edged up on Wednesday with the Dow industrial average hitting a new intraday high, buoyed by the latest merger news.

Time Warner shares jumped 17.1 percent to $83.15 as the best performer on the S&P 500 after Twenty-First Century Fox confirmed it made an $80 billion takeover offer for the company that was turned down. Twenty-First Century Fox shares lost 4.5 percent to $33.60.

Also supporting gains was chipmaker Intel, which climbed 7.8 percent to $34.17 following second-quarter results that topped analysts' estimates. The company also forecast third-quarter revenue above Wall Street's expectations.

"We've now come through the earlier stage of the earnings season, and while they (earnings) haven't been stellar, they certainly have been good with just a few real disappointments," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.   Continuación...