GM Beats Estimates, Raises Outlook
Stocks are
flat despite numerous positive earnings reports.size=2>Â General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) beat expectations
with revenue +3.1% at $47.8 billion. Earnings of $1.3 billion were lower than
year-ago levels. The company raised its full-year earnings forecasts to $7.00 a share
on strong demand in Asia and a lower corporate tax rate. Drug-maker
Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating) reported earnings down 50% to $2.33 billion on
acquisition charges. Revenue rose 47% to $12.49 billion on strong sales of drugs
to treat depression, hypertension and cholesterol.
| Dow | size=2>+12.58 | size=2>10450.32 |
| S&P 500 | -0.92 | size=2>1134.81 |
| Nasdaq | -1.15 | size=2>2019.02 |
The day’s leading sectors are
Healthcare Provider
(
RXH.X |
Quote |
Chart |
News |
PowerRating) +1.38%Â Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating)
+1.33%, Retail
(
RLX.X |
Quote |
Chart |
News |
PowerRating), +0.38%, and Banks
(
BIX.X |
Quote |
Chart |
News |
PowerRating)
+0.09%
Weak today are Amex Gold Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -2.97%, and Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) -2.46%,
No Economic news releases today.
10-year Notes are -30 at 111
110
The dosize=2>llar is +0.69 at 90.80
Gold is -0.27 at
398.50
Crude oil is -0.28 at
36.47
Volume is 665,000,000 on the
NYSE, and 898,000,000 on the Nasdaq.
Market breadth is
negative.
| NYSE | Issues | |
| Advancing | 1392 | Up Vol 275 |
| Declining | 1684 | Down Vol 352 |
| Ratio | 1.23 | 1.29 |
| face=Arial>Nasdaq | ||
| Advancing | 1606 | Up Vol 392 |
| Declining | 1389 | Down Vol 471 |
| Ratio | 1.22 | size=2>1.20 |
Top Dow stocks are:
General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) +5.06%
at 48.43, SBC Communications
(
SBC |
Quote |
Chart |
News |
PowerRating) +2.33% at 25.00, McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating), +1.23% at 27.05, and 3M
(
MMM |
Quote |
Chart |
News |
PowerRating), +0.95% at 84.56,
Stocks in the news:
In the first quarter, Wells Fargo
(
WFC |
Quote |
Chart |
News |
PowerRating) income rose 18% to
$1.77 billion with revenue up 7% to $7.15 billion with growth in credit
cards and deposits. The bank beat forecasts by 6 cents despite a weakening
mortgage business.
Altria
(
MO |
Quote |
Chart |
News |
PowerRating) reported earnings of $2.19 billion.
Revenue rose 12.7% increase to $21.8 billion on solid tobacco sales.
Check Point Software
(
CHKP |
Quote |
Chart |
News |
PowerRating) posted earnings of $41.9
million with sales up to $116.1 million on continued demand for its
products.
Boston Scientific
(
BSX |
Quote |
Chart |
News |
PowerRating) showed a 27% increase in
sales to $1.082 billion. Earnings doubled to $194 million on sales of its Taxus drug-coated stent.
Brice Wightman
bricew@tradingmarkets.com