Wall Street is in the green on positive results from the manufacturing purchasing managers' index (PMI), which rose to 54.5 and hit a nine-month high. Further, the flash services PMI inched up to 55.9 from 55.3 and reached an eight-month peak.
Shares of Caterpillar Inc. (CAT, Financial)Â were up more than 7% in premarket trading on the back of the company reporting financial results for the third quarter. EPS of $1.95 beat expectations by 68 cents and revenue of $11.4 billion beat estimates by $770 million and increased 24.5% year over year.
"Higher sales volume and our team's focus on cost discipline resulted in improved profit margins across our three primary segments," CEO Jim Umpleby said.
The company now expects full-year 2017 sales and revenue of $44 billion, higher than the previous forecast of $42 billion to $44 billion. Adjusted EPS is projected to be $6.25, up from the previous outlook of $5.
Gainers
- Corning Inc. (GLW, Financial)
- 3M Co”‹. (MMM)
- Hasbro Inc. (HAS, Financial)
- Stanley Black & Decker Inc. (SWK)
- General Motors Co”‹. (GM, Financial)
- Arconic Inc. (ARNC)
Losers
- Whirlpool Corp. (WHR, Financial)
- Centene Corp. (CNC)
- Interpublic Group of Companies Inc. (IPG, Financial)
- Biogen Inc. (BIIB)
- Under Armour Inc. (UAA, Financial)
- PACCAR Inc. ”‹(PCAR)
- TripAdvisor Inc. (TRIP, Financial)
Global markets
In Europe, the U.K.'s FTSE 100 gained 0.11%, France's CAC 40 inched up 0.21%, Germany's DAX climbed 0.16% and Spain's IBEX 35 increased 0.54%.
In Asia, the indexes closed mixed. Japan's Nikkei 225 rose 0.50%, China's Shanghai Composite was up 0.22% and India’s BSE Sensex gained 0.31%. Hong Kong's Hang Seng fell 0.53%.
Disclosure: The author holds no positions in any stocks mentioned.
