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Here are 3 things to know about stocks right now
- The Dow Jones Industrial Average rebounded on Tuesday after closing down in eight of the last 11 sessions.
- General Electric Co. (GE) lost 9% after revealing the expansion of federal investigations. The company reduced its dividend, which was welcomed by analysts and investors.
- Pfizer Inc. (PFE) fell 1.8% after the drug giant reduced its forecast range for full-year sales.
Wall Street: an overview
Shares rose on Tuesday, October 30, following a volatile session on Wall Street, which saw the exchange of 900 points for the Dow Jones Industrial Average.
The Dow Jones Industrial Average index gained 24,875 points, or 1.8%, an increase of 1.8%, while the S & P 500 and NasdaqComposite both rose 1.6%.
"The Bulls pressed the button today and won a victory, only the 5th session of the month of October," said Bob Lang, founder of ExplosiveOptions.net and contributor to the letter. Trifecta Stocks information from TheStreet.com. "The bulls had a difficult month and most indices are now well below their 200-day moving average, which should not go unnoticed," he added.
The Dow sank Monday, Oct. 29 after Bloomberg announced that the United States was preparing to announce tariffs on all remaining Chinese imports in early December if next month's talks between Donald Trump and the Chinese president Xi Jinping did not lead a significant breakthrough in their ongoing relationships. commercial war. On Tuesday morning, Trump sent a tweet that linked new stock market losses to a Democrat victory in mid-term elections next week.
General Electric Co. (GE) fell 9% after the company revealed the expansion of federal investigations. GE slashed its dividend, which analysts and investors initially applauded.
The Boston-based industrial conglomerate reported a loss of $ 2.63 per share from continuing operations under GAAP for the third quarter, as GE recorded a $ 22 billion pre-tax goodwill impairment charge related to GE Power.
GE stated that the Securities and Exchange Commission had expanded its investigation to include the goodwill impairment charge related to GE's Energy business. The Department of Justice has also investigated this charge, Financial Director Jamie Miller said during a conference call. GE said it was cooperating with the SEC and the DOJ, Miller said.
Adjusted earnings of 14 cents per share missed analyst estimates of 20 cents. GE's revenue of $ 29.57 billion in the third quarter was also lower than expected, at $ 29.77 billion.
Pfizer Inc. (PFE) reported higher than expected earnings in the third quarter, the latest under the leadership of outgoing chief executive Ian Read, but narrowed its guidance range for sales for the year, reducing shares of 0.8%.
Pfizer said adjusted earnings for the three months ended September was 78 cents per share, surpassing the 75-cent Wall Street consensus. Revenues were $ 13.3 billion, up 1% from the third quarter of 2017, but just below analysts' estimates of $ 13.55 billion. Pfizer also said sales for the entire year would be in the range of $ 53 to $ 55 billion, down from about $ 2 billion at the top.
Coca-Cola Co. (KO) rose 2.5% after the soda giant announced a third-quarter adjusted earnings of 58 cents a share, higher than estimates by 55 cents and a turnover $ 8.25 billion better than expected.
Organic sales rose 6%, while volumes rose 2%, with Coca-Cola quoting "double-digit growth in Coca-Cola Zero Sugar volume in all groups". Coke also said that profits were impacted by an unfavorable exchange rate of 8% due to the strength of the US dollar.
Shares of Under Armor Inc. (UAA) jumped 28% after the company reported third-quarter adjusted earnings of 25 cents a share, barely exceeding the 12-cent estimate. Revenues were $ 1.44 billion, exceeding expectations of $ 1.42 billion. In North America, revenues fell by 2% and international sales by 15%.
Facebook Inc. (FB) and eBay Inc. (EBAY) are expected to release their results after the closing bell on Tuesday.
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TheStreet will post live Facebook earnings after the close of trading on Tuesday. Please check our home page then for more details.
BP PLC (BP) rose 3% on Tuesday after the oil giant released its biggest quarterly profit in five years after the "transformational" acquisition of BHP Billiton Ltd.'s US shale assets. (BHP) earlier this year.
Due to the strength of oil prices, BP, a stake in Action Alerts PLUS, On Tuesday, it could fully fund the $ 10.5 billion acquisition of BHP Billiton's North American oil and gas assets entirely in cash instead of the proposed rights issue.
BP is a stake in Jim Cramer Action Alerts PLUS Portfolio Charitable Trust. Do you want to be alerted before Cramer buys or sells the title? Learn more now.
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