Category: Stock Market News

Shares of Freeport-McMoRan Inc. rose more than 2% premarket on Tuesday after the metals and mining company swung to a profit in the second quarter after a loss the year earlier. Net income for the second quarter came in at $268 million, or 18 cents per share, after a loss of $479 million, or 38 cents per share, during the year-earlier period. Adjusted earnings for the quarter was 17 cents, below FactSet’s consensus of 20 cents. Revenue for the quarter hit $3.71 billion, up from $3.33 billion during the same quarter a year ago and above FactSet’s consensus for $3.67 billion. “We are encouraged by recent progress in our active negotiations with the Indonesian government to resolve issues involving our contractual rights,” said Freeport-McMoRan Chief Executive Richard Adkerson in a statement. Shares of Freeport-McMoRan have fallen nearly 2% in the year to date, while the S&P 500 index is up more than 10%.

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Domino’s Pizza Inc. shares are up 0.5% in Tuesday premarket trading after the company reported second-quarter earnings and revenue that beat estimates. Domino’s had second-quarter net income of $65.7 million, or $1.32 per share, up from $49.3 million, or 98 cents per share, for the same period last year. The FactSet EPS consensus was for $1.23. Revenue totaled $628.6 million, up from $547.3 million last year and ahead of the $610.0 million FactSet consensus. Domestic same-store sales were up 9.5% for the quarter, while international same-store sales grew 2.6%. The FactSet consensus was for a 7% same-store sales increase. Domino’s Pizza shares are up 34.4% for the year so far while the S&P 500 index is up 10.3% for the period.

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Shares of 3M Co. fell 1.5% before the market opened on Tuesday after the company reported revenue for the second-quarter that missed Wall Street expectations. Net income for the quarter came in at $1.58 billion, or $2.58 per share, up from $1.29 billion, or $2.08 per share during the same quarter a year ago. FactSet’s per-share earnings consensus was for $2.54. Sales for the quarter hit $7.81 billion, which was an improvement compared with last year’s $7.66 billion, but just below FactSet’s consensus of $7.87 billion. 3M saw the biggest sales growth in electronics and energy, which was up 7.5%, followed by industrial sales, which grew 2.5%. The company revised its per-share earnings outlook for the the full year and expects earnings in the range of $8.80 to $9.05 per share, compared with its previous estimate of $8.70 to $9.05 per share. Shares of 3M have gained 17.6% in the year to date, while the S&P 500 index is up 10.3%.

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JetBlue Airways Corp. reported second-quarter profit and revenue beats Tuesday. Earnings for the latest quarter rose to $211 million, or 64 cents per share, compared with $181 million, or 53 cents per share in the year-earlier period. The FactSet EPS consensus was 57 cents. Revenue rose to $1.84 billion from $1.64 billion in the year-earlier period, compared with the FactSet consensus of $1.83 billion. JetBlue shares were not active in premarket trade. Shares have risen 1.3% over the last three months, compared with a 3.4% rise in the S&P 500 .

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Caterpillar Inc. shares surged 4.5% in premarket trade Tuesday, after the company blew past estimates for the second quarter and raised its guidance. The maker of construction and mining equipment said it had net income of $802 million, or $1.35 a share, in the quarter, up from $550 million, or 93 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.49, ahead of the FactSet consensus of $1.26. Revenue rose to $11.3 billion from $10.3 billion, also ahead of the FactSet consensus of $10.9 billion. “While a number of our end markets remain challenged, construction in China and gas compression in North America were highlights in the quarter,” Chief Executive Jim Umpleby said in a statement. “Mining and oil-related activities have come off of recent lows, and we are seeing improving demand for construction in most regions.” The company is now expecting full-year sales to range from $38 billion to $41 billion, or a midpoint of $39.5 billion. The company is expecting full-year EPS of about $3.50 at the midpoint of sales, or $5.00 a share on an adjusted basis. shares have gained 16.6% in 2017, while the Dow Jones Industrial Average has gained 9% and the S&P 500 has gained 10%.

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United Technologies on Tuesday reported second-quarter net income of $1.44 billion, or $1.80 a share, up from $1.38 billion, or $1.71 a share, in the year-earlier period. Adjusted earnings per share of $1.85 beat the FactSet consensus of $1.78. Second-quarter sales of $15.3 billion were up 3% and matched FactSet forecasts. The company raised its full-year sales outlook to $58.5-$59.5 billion, up from $57.5-59 billion and its adjusted EPS forecast to $6.45-6.60, up from $6.30-6.60. The stock has gained 12.3% in the year to date, while the S&P 500 is up 10.3%

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DuPont on Tuesday posted quarterly results that surpassed expectations set by Wall Street analysts. The chemicals heavyweight said second-quarter operating earnings were $1.21 billion, or 97 cents a share, compared with $1.09 billion, or $1.16 a share, year ago. Adjusted earnings of $1.38 a share were higher than the FactSet consensus estimate of $1.29 a share. Revenue in the second quarter rose to $7.42 billion from $7.06 billion a year ago, above expectations of $7.3 billion. DuPont also said it still expects to close its merger with Dow Chemical Co. in August.

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Greece has confirmed that it has returned to international bond markets following a three-year hiatus. The country is seeking to swap a bond coming due in 2019 for a new one that will mature in 2022, with the deal expected to close Tuesday, a Wall Street Journal report said. Reports last week indicated that Greece was about to sell bonds for the first time in three years.

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Michael Kors Holdings Ltd. has agreed to acquire luxury shoemaker Jimmy Choo PLC in a deal valued at 896 million pounds ($1.17 billion), the companies said Tuesday. Jimmy Choo shareholders will receive 230 pence a share in cash, which compares with a price of 195 pence at the close of trade Monday on the London Stock Exchange. The boards of directors of both luxury goods makers have approved the deal, the companies said in separate statements. Pierre Denis will stay in his role of chief executive of Jimmy Choo and Sandra Choi will remain as creative director.

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Sen. John McCain (R-Ariz.) will return to Washington Tuesday to participate in an anticipated vote on the Republican health-care bill. McCain, who underwent surgery for a blood clot over his eye and was subsequently diagnosed with brain cancer on July 14, could be critical in the fate of the bill given an expected close vote on proceeding with the GOP plan. “Senator McCain looks forward to returning to the United States Senate tomorrow to continue working on important legislation, including health care reform, the National Defense Authorization Act, and new sanctions on Russia, Iran and North Korea,” the statement from his office said.

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