Companies that beat earnings estimates
On April 17, a number of key earnings statements were released, revealing how companies have performed in the latest quarter, and whether they have met, surpassed, or fallen short of expectations. Investors got an assessment of past performance as well as an outlook for the future.
General Electric (GE) beat Wall Street’s expected $0.30 EPS (earnings per share) by reporting $0.31 EPS in its latest fiscal quarter. Honeywell International (HON) reported $1.41 EPS against an expected $1.39, and Reynolds American (RAI) reported $0.86 against an expected $0.79.
The stock market in general, as gauged by the SPDR S&P 500 ETF Trust (SPY) and the iShares Core S&P 500 ETF (IVV) that track the benchmark S&P 500 Index, was down 0.68%. However, the stocks of companies such as Mattel (MAT), Mylan (MYL), and Newmont Mining (NEM) were up by 5.84%, 4.46%, and 3.20%, respectively.
Mattel was up because it reported $922.7 million in revenues for the quarter against an expected $898 million. Investors in Mattel were also upbeat about an announced partnership with Quirky that will see the companies collaborate on the launch of new toys for its Barbie, Fisher-Price, and Hot Wheels brands.
Gold climb helped Newmont Mining gain 3.2%
Meanwhile, Mylan executive chairman and former CEO Robert Coury poured cold water on a possible Teva Pharmaceuticals acquisition deal. And this sent the company’s stock up.
Gold mining company Newmont Mining was up 3.2% on Friday’s close as gold rallied on inflation data release in the US. Spot gold was up 0.6%.
The earnings reports shared the limelight with important economic indicator releases in the US, including the inflation rate and the leading indicators index.