Post Market News
Stocks that were active in U.S. trading on Wednesday were The Procter & Gamble Company (NYSE:PG), The Boeing Company (NYSE:BA), AT&T Inc. (NYSE:T), Yum! Brands Inc. (NYSE:YUM) and Amgen, Inc. (NASDAQ:AMGN).
In August, Mohnish Pabrai took part in Brown University's Value Investing Speaker Series, answering a series of questions from students. Q3 2021 hedge fund letters, conferences and more One of the topics he covered was the issue of finding cheap equities, a process the value investor has plenty of experience with. Cheap Stocks In the Read More
- U.S.: Dow Jones: 14,676.30 (-0.29%), S&P 500: 1,578.79 (0.00%), Nasdaq: 3,269.65 (+0.01%)
- World Markets: Shanghai: 2,218.32 (+1.55%), Nikkei 225: 13,843.46 (+2.32%), Hang Seng Index: 22,183.05 (+1.73%), TSEC: 8,023.71 (+1.02%), FTSE 100: 6,431.76 (+0.40%), EURO STOXX 50: 2,702.05 (+1.47%), BSE Sensex: 19,179.36 (+0.05%)
- Metals: Gold: $1423.70 (+1.06%), Silver: $22.83 (+0.07%), Platinum: $1430.80 (+0.92%)
- Currency: EUR/USD: 1.3022 (+0.24%), USD/JPY: 99.51 (+0.10%), GBP/USD: 1.5268 (+0.16%), USD/CAD: 1.0255 (-0.09%), USD/CNY: 6.1786 (-0.01%), AUD/USD: 1.0284 (+0.28%)
- 10 year U.S. Treasury: 1.69% (-0.01), 30 year U.S. Treasury: 2.90% (-0.01)
Market And Economy News
U.S. markets witnessed a mixed performance today as the Dow Jones Industrial Average slipped 43.16 points to 14,676.30, the S&P 500 index closed at the same level where it began the session despite fluctuations, and Nasdaq rose a meager 0.32 points to 3,269.65 at the end of the session. However, European and Asian markets remained strong throughout their respective sessions.
Data showed that the demand for durable goods shrank at the fastest pace in March in over seven months. Economists are already worried about the slowing manufacturing sector.
Stocks In Focus
The Procter & Gamble Company (NYSE:PG)
The world’s largest FMCG company announced a third quarter profit of 99 cents a share, excluding one time items. Net income rose to $2.57 billion and revenues increased to $20.6 billion. However, investors were disappointed by pessimistic guidance for the current quarter. Shares fell 5.88 percent to close the session at $77.12 per share.
The Boeing Company (NYSE:BA)
The aerospace giant posted better than expected first quarter earnings despite the 787 Dreamliner troubles and U.S. government defense spending cuts. The company earned a net profit of $1.11 billion or $1.44 a share, up from $923 million or $1.22 per share in Q1 2012. Revenues declined 2.5 percent to $18.89 billion. However, the company issued an upbeat guidance for the full year. Shares surged 3.01 percent to end the session at $90.83.
AT&T Inc. (NYSE:T)
The telecom carrier announced Q1 earnings of 64 cents per share with $31.36 billion in revenues. That’s in line with analyst estimates of 64 cents and $31.7 billion. The company added 296,000 new subscribers during the quarter, compared to analysts’ estimates of 195,000 new subscribers. Verizon Communications Inc. (NYSE:VZ) added 677,000 new customers in the same period. Investors are worried about growing competition in the market due to ongoing mergers & acquisitions in the communications industry. Shares slumped 5.03 percent to $37.04 at the end of the session.
Yum! Brands Inc. (NYSE:YUM)
The operator of KFC and Pizza Hut posted better than expected first quarter earnings. Excluding one time charges, the company earned 70 cents a share on revenues of $2.54 billion, beating Wall Street estimates of 60 cents in earnings. The company remains positive about its full year earnings outlook despite the recent bird flu outbreak in China. Shares were up 7.01 percent to $68.65 at the market close.
Amgen, Inc. (NASDAQ:AMGN)
The biotechnology company’s first quarter profits rose 21 percent to $1.96 percent share on revenues of $4.2 billion. Analysts were expecting $1.84 per share in earnings and $4.37 billion in revenues. The sales of its blockbuster drugs like Enbrel and Aranesp fell short of Wall Street expectations. The company issued pessimistic guidance for the full year. Shares tanked 6.94 percent to close the session at $104.93.