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Omar Venerio
Omar Venerio
Articles (1720) 

Tuesday Morning Market Highlights

Markets green, shares of Procter & Gamble advance on quarterly results

US Markets

U.S. stocks were in the green on Tuesday morning. The Dow gained 0.32% to 28,284, the S&P 500 index rose 0.31% to 3,438 and the Nasdaq Composite Index was up 0.03% to 11,483.

Gainers

• Comerica Inc (NYSE:CMA)​ +6.5%

• Halliburton Co (NYSE:HAL) +6.9%

• General Motors Co (NYSE:GM) +4.3%

• Freeport-McMoRan Inc (NYSE:FCX) +3.2%

• General Electric (NYSE:GE) +0.4%

Losers

• Philip Morris International Inc (NYSE:PM) -3.3%

• EOG Resources Inc (NYSE:EOG) -1.4%

• ConocoPhillips (NYSE:COP) -0.9%

• Concho Resources Inc (NYSE:CXO) -0.9%

Global Markets

The main European stock markets traded mostly in the green. The U.K.'s FTSE 100 rose 0.44%, France's CAC 40 advanced 0.21%, Germany's Dax was down 0.42% and Spain's Ibex 35 gained 1.41%.

In Asia, Japan's Nikkei 225 fell 0.44%, India's BSE Sensex advanced 0.28%, Hong Kong's Hang Seng jumped 0.11% and China's Shanghai Composite was up 0.47%.

Procter & Gamble releases earnings report

Shares of The Procter & Gamble Company (NYSE:PG) gained more than 2% on Tuesday morning after the company announced financial results for its first quarter of fiscal 2021. It posted earnings per share of $1.63, beating analyst´s estimates by 20 cents, on revenue of $19.32 billion, which grew 8.5% year-over-year and also beat expectations by $930 million.

Chairman, President and CEO David Taylor had the following to say:

"We delivered another strong quarter of organic sales growth, core earnings per share and cash returned to shareowners, enabling us to increase our outlook for fiscal year results… Our near-term priorities continue to be employee health and safety, maximizing availability of P&G products for consumers around the world, and helping society meet the challenges of the COVID crisis. We remain firmly focused on executing our strategies of superiority, productivity, constructive disruption and improving P&G's organization and culture to deliver balanced top-line and bottom-line growth along with strong cash generation."

In the quarter, the beauty segment organic sales rose 7% versus a year ago. Skin and Personal Care organic sales increased due to innovation-led growth in North America and Greater China. Grooming segment organic sales rose 6% versus a year ago. The Health Care segment organic sales rose 12% and Fabric and Home Care segment organic sales increased 14% for the quarter. Baby, Feminine and Family Care segment organic sales inched up 4% versus year ago. Moreover, the company reported that the gross margin increased 170 basis points versus the prior year.

Looking ahead to full fiscal 2021, the company expects GAAP diluted net earnings per share growth in a range of 4% to 9% versus fiscal 2020 GAAP EPS of $4.96. It also expects core earnings per share growth from a range of 3% to 7% to a range of 5% to 8% versus fiscal 2020 core earnings per share of $5.12.

At the end of June, Yacktman Asset Management (Trades, Portfolio) cut its investment in the stock by 1% to 3,154,115 shares. Ken Fisher (Trades, Portfolio) reduced his holding by 56% to 660,251 shares.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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