Around 80% of the S&P 500 companies reportedly beat Wall Street estimates yesterday. US futures showed mixed estimates as markets await results for US-China’s Phase One documents.
United Technologies leaped 2.4% when the company announced its $135 billion merger with Raytheon Co.
McDonald’s shares fell 4.6% as their competitions boost their breakfast and plant-based menu items.
Ninety-eight S&P 500 companies claimed more than 80% of upbeat Wall Street estimates. Later, the index reportedly lost 5.3 points or 0.18% to 3,001.42.
Meanwhile, several giants such as Procter & Gamble and United Technologies boosted the Dow. Its average rose 13.9 points or 0.05% to 26,841.54 in the second half of Tuesday’s session.
The Nasdaq Composite dropped 44.52 points or 0.55% to 8.118.47. Facebook shares fell 3.5% when they admitted the application had “trust issues.” The social media company also allegedly pushed up advertising rates.
On a positive note, US manufacturer Caterpillar surprised investors with its first rally yesterday. The company’s stock rallied 1.2% in Tuesday’s second half.
Caterpillar dragged US futures down at yesterday’s first half. Their 6-quarter decline reportedly emphasized North America’s economic slowdown.
P and G Grows Fast
Procter & Gamble leaped into the American spotlight when the consumer goods company surpassed Wall Street expectations by all measures. P and G grew this quarter, recording its fastest expansion rate in over a decade.
Nearly all the goods giant’s product segments showed significant sales gains.
Their organic sales jumped 10% in the beauty category with skincare brands. Meanwhile, their healthcare segment grew by almost 9%.
Their fabric and home care segment also saw healthy growth at 8% in organic sales.
The company’s core earnings per share soared 22% year over year. This quarter, the company gained 7% in total revenue and organic sales.
P and G converted 91% of its operating cash into free cash flow, which returned roughly $5 billion to shareholders. $1.9 billion came from dividends, while $3 billion came from stock repurchases this quarter.
Procter & Gamble shares gained 2.8% on Tuesday’s session. Analysts expect the company’s growth will help boost US futures.