TradingMarkets 7 Stocks You Need To Know For Wednesday

Stocks fell Tuesday on higher than expected inflation data. Not even good earnings reports from several Dow components could lift the market.

The PPI for September soared 1.9%, higher than expected and the fastest pace in 15 years; the rise reflected the rise in energy prices following the Gulf hurricanes. Ex-food/energy, the PPI came in at +0.3%, and +2.6% for the year, also higher than expected.

Three large Dow components reported earnings before the bell today:

3M (MMM | Quote | Chart | News | PowerRating) reported 1.12, beating estimates by 0.04, and raised the lower end of its guidance for the year. Profits rose 10%. The company also authorized an additional $300 million stock buyback.

United Technologies (UTX | Quote | Chart | News | PowerRating) reported 0.81, beating by 0.02, and issued upside guidance for FY 2005. (story)

IBM (IBM | Quote | Chart | News | PowerRating) reported $1.26, beating by 0.13. Net income was also strong, but revenues were light at $21.53 billion.

Trader talk: the flattening yield curve could pose problems. Rising costs have been an issue for many companies. La-Z-Boy (LZB | Quote | Chart | News | PowerRating) (story), Cooper Tire (CTB | Quote | Chart | News | PowerRating) and American Standard (ASD | Quote | Chart | News | PowerRating) all issued warnings, citing higher costs.

At 1:00 PM, a 24 million share block of ExxonMobil (XOM | Quote | Chart | News | PowerRating) was put up for sale. The block, worth $1.4 billion, was picked up by Goldman Sachs $1 lower, which sent oil stocks--and the overall market--lower.

Merrill Lynch (MER | Quote | Chart | News | PowerRating) reported 1.40, well ahead of the 1.18 estimate. Revenues increased 38% to $6.7 billion. (story)

International Paper (IP | Quote | Chart | News | PowerRating) was raised to a buy at UBS.

Johnson & Johnson (JNJ | Quote | Chart | News | PowerRating) beat by a penny but revenues were light. (full story)

Now, here are a few stocks to watch for Wednesday:

Intel (INTC | Quote | Chart | News | PowerRating) missed by a penny at 0.32.

Yahoo (YHOO | Quote | Chart | News | PowerRating) beat by 0.04.

Motorola (MOT | Quote | Chart | News | PowerRating) beat by 0.02

Ryland (RYL | Quote | Chart | News | PowerRating) beat by 0.18 and gave upside guidance.

Before the open Wednesday Altria (MO | Quote | Chart | News | PowerRating) is expected to report $1.33.

Bank of America (BAC | Quote | Chart | News | PowerRating) is expected to report $1.02 before the open.

Cymer (CYMI | Quote | Chart | News | PowerRating) beat by 0.15.

The CBOT IPO is Wednesday. This is a hot IPO and should see a lot of action. Symbol: "BOT."

Brice Wightman