Indexes Inch Lower After European Central Bank's Meeting

Schlumberger, Honeywell up while GE, Colgate-Palmolive down on quarterly results

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Jul 21, 2017
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While the dollar fell against most of its peers, the DXY Index is trading 0.17% in the red, the Dow Jones Industrial Average advanced to 21,611.78; the S&P 500 index rose to 2,473.45 and the Nasdaq Composite jumped to 6,390. The yield on 10-year U.S. Treasury Notes is 2.24%.

Several companies reported earnings before the bell this morning. Among them were:

Schlumberger Ltd. (SLB, Financial) shares were up in pre-market trading as the company reported better-than-expected earnings for its second quarter. EPS of 35 cents beat expectations by five cents expectations and revenue of $7.46 billion beat estimates by $220 million.

Honeywell International Inc. (HON, Financial) shares rose in pre-market trading as the company reported second-quarter EPS of $1.80 on revenue of $10.08 billion. Sales increased by 0.9% year over year, helping Honeywell beat analyst profit expectations by two cents per share and revenue estimates by $190 million.

On the other hand, shares of General Electric Co. (GE, Financial) fell in pre-market trading despite the company reporting better-than-expected earnings and revenues. EPS of 28 cents beat estimates by three cents while revenue of $29.56 billion beat expectations by $540 million.

Further, Colgate-Palmolive Co. (CL, Financial) shares are down 0.5% in morning trading after the company came up short on revenues and reported in-line EPS. For its second fiscal quarter, the company reported EPS of 72 cents per share on revenue of $3.83 billion, missing estimates by $70 million.

Top gainers

Aeterna Zentaris Inc. (AEZS, Financial), Plug Power Inc. (PLUG, Financial), Brainstorm Cell Therapeutics Inc. (BCLI, Financial), TherapeuticsMD Inc. (TXMD, Financial) and Zion Oil & Gas Inc. (ZN, Financial).

Top losers

DryShips Inc. (DRYS, Financial), ViewRay Inc. (VRAY), Autoliv Inc. (ALV), eBay Inc. (EBAY) and China Lending Corp. (CLDC).

Europe

The main European stock markets closed yesterday with mixed results after the European Central Bank (ECB) meeting, which decided to maintain its current monetary policy. The FTSE 100, DAX, CAC 40 and IBEX 35 closed down around -0.21%, -1.66%, -1.13% and -1.2%, respectively.

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