After the closing bell eBay issued disappointing forward looking guidance; Stocks moved higher ahead of Thursday's ECB meeting. Bobbi Rebell reports.
eBay issuing disappointing guidance for the first quarter, and plans to cut 2400 jobs. That's about seven percent of its workforce. Revenues missed forecasts. American Express profits rose ten percent in the 4th quarter. U.S. customers spent more using its cards. Rival Discover Financial, however, said profits fell 33 percent. Stocks bounced around in a volatile session Wednesday. A source told Reuters that the European Central Bank's executive board has proposed a 50 billion euro monthly bond buying program, and that announcement is expected on Thursday. But JPMorgan emerging markets analyst Holly Huffman says some investors are hoping for an even bigger program. SOUNDBITE: HOLLY HUFFMAN, EXECUTIVE DIRECTOR, JPMORGAN (ENGLISH) SAYING: "If they were to announce, for example, a 700 billion euro program, I think, it would be enough to get the markets to move, specifically, risky markets to react positively to that amount." Energy shares were top performers, but, despite the advance crude futures, remain on track for their 15th negative week in the last 17. Microsoft unveiled its Windows 10 operating system saying it will be offered free to current users. The stock closed lower. Good news about housing market. Single family housing starts rose in December to their highest level in nearly seven years, and permits surged. Netflix shares zoomed higher after the streaming service surprised analysts with an aggressive plan: expanding into around 200 countries within two years. One of the biggest S&P 500 losers - IBM. Shares dropped a day after they reported revenues that missed estimates, and gave a 2015 profit target that fell shy of estimates. In Europe, speculation over the ECB's stimulus program pushed stocks higher for a fifth straight session. European stocks closed at a seven-year high.