The U.S. stock market jumped today in morning trading, with the Dow having closed more than 320 points higher yesterday.
Shares of PepsiCo Inc. (PEP, Financial) jumped on Tuesday trading after the company posted second quarter earnings per share of $1.61 on revenue of $16.09 billion, representing 2.4% year-over-year growth. The company managed to beat revenue estimates by $50 million and earnigns estimates by 9 cents.
By geographic area, Latin America registered operating profit growth of 18% to $269 million. Asia, Middle East and North Africa operating profit inched up 61% to $496 million.
Also, total core gross margin contracted 35 bps to 54.8%, and total core operating margin was flat at 19%.
The company's CEO Indra Nooyi emphasized the progress towards "more stable performance" at the company's North American Beverage Division.
Looking ahead, the company expects for fiscal 2018 earnings per share of $5.70, cash flow from operating activities of about $9 billion and free cash flow of $6 billion.
Gainers
· PepsiCo Inc. (PEP, Financial)
· Wynn Resorts Ltd. (WYNN, Financial)
· Mosaic Co. (MOS, Financial)
· Red Hat Inc. (RHT, Financial)
Losers
· Nordstrom Inc. (JWN, Financial)
· PG&E Corp. (PCG, Financial)
· Molson Coors Brewing Co. (TAP, Financial)
· Chipotle Mexican Grill Inc. (CMG, Financial)
Global markets
The main European stock markets traded mostly in positive territory. The U.K.'s FTSE advanced 0.13%, France's CAC gained 0.55% and Germany's Dax closed up 0.49%, but Spain's Ibex fell 0.50%.
In Asia, markets closed in positive ground. Japan's Nikkei gained 0.66%, India’s BSE Sensex rose 0.85%, Hong Kong's Hang Seng slid 0.02% and China's Shanghai jumped 0.44%.
Disclosure: The author holds no position in any stocks mentioned.
