U.S. markets are set to open high on Tuesday, ahead of Federal Reserve Chair Jerome Powell´s opinion about increasing gradually the Fed funds rate.
Shares of Mallinckrodt Public Limited Co. (MNK, Financial) gained almost 30% in morning trading on the heels of the company posting its financial results for the fourth quarter. The company reported an annual net sales decline of 4.5% to $792.3 million, while its profit advanced to $2.01 per share. Moreover, the results beat analysts’ estimates by 32 cents in earnings per share and $18.12 million in revenue. In addition, GAAP gross profit reached $421.0 million with gross profit as a percentage of net sales of 53.1%. Adjusted gross profit was $592.8 million, and as a percentage of net sales was 74.8%. The company sees various drivers for growth, product launches, clinical trial milestones and data readouts.
Gainers
• Advanced Micro Devices Inc. (AMD, Financial)
• Intel Corp. (INTC, Financial)
Losers
• Comcast Corp. (CMCSA, Financial)
• Perrigo Company PLC (PRGO, Financial)
• Walt Disney Co. (DIS, Financial)
• Chesapeake Energy Corp. (CHK, Financial)
Global Markets
The main European stock markets closed in positive territory. The U.K.'s FTSE gained 0.16%, France's CAC jumped 0.15% and Spain's Ibex rose 0.19%, but Germany's Dax lost 0.04%
In Asia, Japan's Nikkei gained 1.07%, but Hong Kong's Hang Seng retreated 0.73%, India’s BSE Sensex lost 0.29% and China´s SSE Composite fell 1.13%.
Disclosure: The author holds no positions in any stocks mentioned.
